The Development of Fraud Detection Systems for Detection of Potentially Fraudulent Applications

The size of fraudulent activity is increasing rapidly, with individuals and organisations being at great risk. This paper inspects and determines the various components required to deliver a successful fraud detection system. It is hoped that in reading this report, the reader will comprehend what is required and see the true benefit of implementing such a solution. Following the structure of a robust methodology, all required development stages will be addressed, ensuring the new system is built to its highest standard. With this in mind, this paper presents the various components required to deliver a successful fraud detection system. It structures what is required and see the true benefit of implementing such a solution. Following the structure of a robust methodology, all required development stages will be addressed, ensuring the new system is built to its highest standard. Through the careful design and successful implementation of an effective system, it is hoped that deployment of the new fraud detection system will highlight its capabilities in detecting fraud across user application within the financial business sector.