E-banking fraud detection: a short review

Abstract

E-banking gives customers a lot of satisfaction in terms of getting a better service quality; it also gives banks a competitive advantage over the other players in the sector. However, the security of e-banking has received attention due to the fraudulent behaviour of fraudsters; the absence of adequate e-banking security has kept many people away from the service till today. In this paper, a review of the security challenges associated with e-banking has been presented. Equally, the challenges and characteristics of e-banking fraud have been mirrored. This paper also reviewed different types of fraud and attacks detection systems, as well as some preventive measures in place to secure e-banking services. The different techniques and models used for e-banking security were ranked in this study based on an expert opinion. From the results, "Transaction Monitoring" was identified as the most effective model while the worst models based on the respondent's opinions were "Virtual Keyboards", "Browser Protection", and "Device Identification". This paper is organized into sections; the first section introduced the topic of interest in this paper while the second section presented the background of e-banking. The literature review was presented in the third section while a conclusion was presented in the last section of the paper.