Detecting a fraudulent mobile money transaction is the focus of our work. As mobile transactions continue to increase, online fraud detection continues to become a bigger issue. Although fraud via smartphones is increasing at a faster pace than general PC/laptop based fraud, smartphones have the potential to become as secure a channel as the web through the use of advanced encryption and authentication technologies. By paying close attention to red flags and suspicious activities, you can avoid merchant services fraud. According to the 2018 Global fraud report, it is evident that out of the digital market place consumers 91% of customers use smartphone out of which 88% use for personal banking and it has been noted that 72% cite fraud as a growing concern over the past twelve months and 63% report higher level of fraudulent losses over that same period.
One such activity is cited in the rise of Synthetic identities. Synthetic identities come from accounts not held by actual individuals, but by fabricated identities created to perpetuate fraud. These identities are created by combining the credentials and information of a mixed set of individuals to create a completely new ID. Criminals use this kind of technique to commit frauds in the area of healthcare, utility services and taxes. The research in the area of combatting such kind of frauds, motivates us to find a robust system to detect fraudulent transactions. Smartphones have been an easy target for fraudsters as it lacks the security level that other mobile devices have. Fraudsters know that it is generally easier to take over an account by phishing, spear phishing (targeting an individual) or Smishing (phishing via a mobile device), than to open a new account using a real or ‘synthetic’ identity, which is why the risk of account takeover is one of the most alarming trends in fraud.
Contributors:
- Vishwas S P([email protected])
- Ankit Nanavaty([email protected])
- Ashish Pawar([email protected])
- Aditya Shah([email protected])