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Journal of Information and Optimization Sciences cover
Hybrid ·Peer-reviewed·ISSN (Online): 2169-0103·ISSN (Print): 0252-2667

WoS  JIF 2026 : 0.4 (Q4)

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Monthly Journal: Publishes theoretical and applied research on topics in information and optimization sciences.

Issues up to 2022 co-published with and available at:Taylor & Francis
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Open Access Research Article

Optimized early financial fraud detection and prevention method to enhance the security

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pp. 359–369Vol. 46Issue 2March 2025DOI: 10.47974/JIOS-1920XML
Received:
13 Nov 2024
Published Online:
17 Mar 2025
Article type:
Research Article
Language:
EN
Article no.:
JIOS-1920
Pages:
359–369

Abstract

Financial fraud poses a major threat to banking and financial organizations, leading to financial losses and erosion of public trust. This paper proposes an early financial fraud detection and prevention method to secure financial data in transit, at rest, and in process to mitigate risks of frauds such as unauthorized transactions, identity thefts, data breaches, and cyberattacks. The method involves assessing the current cybersecurity posture through surveys, defining optimal security controls baseline per regulatory guidelines, performing gap analysis to identify vulnerabilities, and suggesting remedial measures. Effective implementation of such a system is envisaged to significantly reduce incidents of financial frauds and resulting revenue losses, enhancing cyber resilience of financial institutions.

Keywords

Subject Classifications

Primary 93A00Secondary 94A00

References

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