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DESIGN AND IMPLEMENTATION OF FRAUD DETECTION SYSTEM IN COMPUTERIZED FINANCIAL FIRM (A CASE STUDY OF ACCESS BANK PLC)

ABSTRACT

Financial firms deal essentially on cash, financial instruments and other documents, which are generally negotiable and easily transferable in nature. Based on sudden and very noticeable increase of fraud and crime in the financial sector which results in loss of billions of pounds and dollars worldwide annually for over a long period of time, several modern automated techniques in detecting fraud and crime are continually being developed and applied to many financial sectors. Financial fraud detection system involves monitoring the behaviour of population of users to estimates, detect or avoid certain undesirable behaviours. This project work presents and preview the total survey or techniques used in excessive fraud detection, telecommunication fraud detection, write – off accounts receivable fraud detection and computer intension detection to develop a more efficient and comprehensive fraud detection system. A fraud detection system was designed using log down methodology.

CHAPTER ONE

1.0  INTRODUCTION

The effectiveness of any banking system depends on how secured the system is. The crave for information technology globally has greatly had an influence in our banking sectors. Thus a fest and quick development has erupted in many countries of the world in terms of automation advancement and technology. Such advancement includes the design and implementation of an automated fraud defection system which is witnessed in our various banking and financial sectors world wide.

According to Webster’s revised unabridged dictionary (1913), fraud is defined as “an intention deception resulting in injury to another person”. From federal trade commission fraud is defined as deception deliberately practiced with a view to gaining an unlawful or unfair advantage. In as much as financial sector is concerned, there should be possible ways made to avoid fraudulent from gaining access to the banking and all other financial sectors. By the introduction of an automated computer base security system, it will aid to eliminate totally the idea and practice of fraud in banking industries. The concept of automated security system connotes on total and complete etc. since the working aim and tool of any financial organization is capital, the practice and principle cause of collapse or total down fall

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