March 2024 | Philip Olaseni Shoetan, Adedoyin Tolulope Oyewole, Chinwe Chinazo Okoye, Onyeka Chrisanctus Ofodile
The article "Reviewing the Role of Big Data Analytics in Financial Fraud Detection" by Philip Olaseni Shoetan, Adedoyin Tolulope Oyewole, Chinwe Chinazo Okoye, and Onyeka Chrisanctus Ofodile explores the transformative potential of Big Data Analytics in combating financial fraud. The authors highlight the importance of diverse data sources, including transaction and user behavior data, as well as external data from social media, in real-time processing for swift and effective fraud identification. They discuss the challenges of data quality, privacy, and infrastructure, and present case studies of successful implementations, emphasizing their positive impacts on fraud prevention and financial security. The review also anticipates the role of emerging technologies like blockchain and artificial intelligence in enhancing fraud prevention strategies, particularly in integration with cybersecurity. The paper concludes with recommendations for financial institutions, advocating collaborative efforts and information sharing within the industry to leverage the full potential of Big Data Analytics in the fight against financial fraud.The article "Reviewing the Role of Big Data Analytics in Financial Fraud Detection" by Philip Olaseni Shoetan, Adedoyin Tolulope Oyewole, Chinwe Chinazo Okoye, and Onyeka Chrisanctus Ofodile explores the transformative potential of Big Data Analytics in combating financial fraud. The authors highlight the importance of diverse data sources, including transaction and user behavior data, as well as external data from social media, in real-time processing for swift and effective fraud identification. They discuss the challenges of data quality, privacy, and infrastructure, and present case studies of successful implementations, emphasizing their positive impacts on fraud prevention and financial security. The review also anticipates the role of emerging technologies like blockchain and artificial intelligence in enhancing fraud prevention strategies, particularly in integration with cybersecurity. The paper concludes with recommendations for financial institutions, advocating collaborative efforts and information sharing within the industry to leverage the full potential of Big Data Analytics in the fight against financial fraud.