FRAUD DETECTION IN ELECTRONIC BANKING: A SURVEY OF TECHNIQUES AND FUTURE DIRECTIONS

The landscape of online payments has significantly transformed over the years, with an increasing number of individuals opting for electronic payment platforms instead of traditional banking methods. From point-of-sale systems to mobile and virtual banking services, various trends have emerged to facilitate seamless transactions for consumers. However, the rise of electronic fraud poses a serious threat to Nigeria's financial system, resulting in substantial economic losses and hindering the widespread adoption of cashless technologies due to escalating fraudulent activities. This study aims to educate the public about the issues related to payment fraud across different channels and to assist financial institutions in implementing more effective monitoring and preventive strategies against fraud. In this research, fraud detection techniques were reviewed, the problems addressed and their limitations were highlighted. The findings highlight the need for more inclusive research that encompasses a broader range of financial transactions and utilizes advanced machine learning techniques to enhance data enrichment and real-time fraud detection.