A Survey of Methodaology of Fraud Detection Using Data Mining

Abstract

while many financiers use the Internet and social media to help them with investment decisions, these online tools can provide many benefits for investors and at the same time, same tools can make smart objectives for lawbreakers. These offenders are quick to adapt to new technologies-and Social media is no exception. Social media, such as Facebook, YouTube, Twitter, and LinkedIn, have become key tools for investors worldwide. Whether they are seeking study on particular stocks, background information on a broker-dealer or investment consultant, guidance on an overall investment strategy, up to date news or to simply want to the markets with others, investors turn to social media. Social media also offers a number of features that criminals may find attractive. Fraudsters can use social media in their efforts to appear legitimate, to hide behind anonymity, and to reach many people at low cost.

Statistical Insights and Fraud Techniques for Telecommunications Sector in Egypt

“…In [11], the result shows the deep impact of using data mining techniques for high accuracy detection level of cloning telecom fraud, this is achieved by using rule generation techniques. Researchers in [12] introduced a voting scheme from three classifiers to detect fraud on the subscribers' account, they concluded that the voting scheme has an accuracy level higher than individual classifiers, which is considered to be suitable for business cases where the cost of misclassification high rate on the subscribers and thus affect the process of decision-making; as the voting scheme provides high accuracy in prediction process in order to take the required decision.…”