Design and implementation of a fraud detection and control system

Description

Abstract The aim of this research work is to design and implement a Fraud detection and Control System for use in commercial banks.  Fraud Detection and Control System is a web-based software solution that enables commercial banks to detect, control and even report suspicious transactions to appropriate authorities. Considering the volume transaction data in banks and the high-tech adopted by fraud stars to commit fraud, it is difficult  for human auditors to detect and control fraud easily whereas, with automated ‘virtual auditor’ like the type developed from this research, the system could easily detect fraudulent transactions and alert relevant authorities for necessary actions in real-time.  The Methodology used in this research is the System Development Life Cycle (SDLC) with the stages and respective methods carefully applied.  Microsoft Visual Basic 2010 was used to develop the system with Microsoft SQL Server 2005 used for the backend database.  When fully deployed, the system is capable of minimizing the cases of fraud in banks and enhancing customers’ confidence.