Abstract
| Original language | English |
|---|---|
| Pages (from-to) | 95-120 |
| Number of pages | 26 |
| Journal | Journal of Operational Risk |
| Volume | 14 |
| Issue number | 3 |
| Early online date | 4 Sep 2019 |
| DOIs | |
| Publication status | Published - Sep 2019 |
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Keywords
- business intelligence
- predictive analytics
- operational risk
- fraud
- outlier detection
Cite this
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The use of business intelligence and predictive analytics in detecting and managing occupational fraud in Nigerian banks. / Nwafor, Chioma N.; Nwafor, Obumneme Z.; Onalo, Chris.
In: Journal of Operational Risk, Vol. 14, No. 3, 09.2019, p. 95-120.Research output: Contribution to journal › Article
TY - JOUR
T1 - The use of business intelligence and predictive analytics in detecting and managing occupational fraud in Nigerian banks
AU - Nwafor, Chioma N.
AU - Nwafor, Obumneme Z.
AU - Onalo, Chris
N1 - Acceptance in SAN AAM: not permitted by publisher (https://www.risk.net/static/copyright-and-permissions); only VoR permitted; VoR unavailable as outwith GCU subscription to journal. Have asked author to provide VoR, if possible. 8/11/19 DC
PY - 2019/9
Y1 - 2019/9
N2 - The problem of occupational fraud is one of the most wide-reaching operational risk event types in the Nigerian banking system. This event type spans many departments, roles, processes and systems and causes significant financial and reputational damage to banks. As a result, fraud presents banks with a real challenge in terms of knowing where to start. One of the main aims of this paper is to use stochastic probability models to predict aggregate fraud severity and fraud frequency within the Nigerian banking sector using historical data. Another objective is to describe how banks can develop and deploy business intelligence (BI) outlier-based detection models to recognize internal fraudulent activities. As the volume of transaction data grows and the industry focuses more closely on fraud detection, BI has evolved to provide proactive, real-time insights into fraudulent behaviors and activities. We discuss the fraud analytic development process, since it is a central issue in real application domains.
AB - The problem of occupational fraud is one of the most wide-reaching operational risk event types in the Nigerian banking system. This event type spans many departments, roles, processes and systems and causes significant financial and reputational damage to banks. As a result, fraud presents banks with a real challenge in terms of knowing where to start. One of the main aims of this paper is to use stochastic probability models to predict aggregate fraud severity and fraud frequency within the Nigerian banking sector using historical data. Another objective is to describe how banks can develop and deploy business intelligence (BI) outlier-based detection models to recognize internal fraudulent activities. As the volume of transaction data grows and the industry focuses more closely on fraud detection, BI has evolved to provide proactive, real-time insights into fraudulent behaviors and activities. We discuss the fraud analytic development process, since it is a central issue in real application domains.
KW - business intelligence
KW - predictive analytics
KW - operational risk
KW - fraud
KW - outlier detection
U2 - 10.21314/JOP.2019.227
DO - 10.21314/JOP.2019.227
M3 - Article
VL - 14
SP - 95
EP - 120
JO - Journal of Operational Risk
JF - Journal of Operational Risk
SN - 1744-6740
IS - 3
ER -