Overview of Digital Finance Anti-fraud

Cheng Wang ()
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Cheng Wang: Tongji University

Chapter Chapter 1 in Anti-Fraud Engineering for Digital Finance, 2023, pp 1-10 from Springer

Abstract: Abstract The development of digital financial technology and its penetration into the traditional financial industry have become an irreversible trend. At present, the applications of digital financial technology have significantly reduced the information asymmetry in the financial field and made great contributions to improving the financial market. However, everything has two sides, especially new things. Digital financial technology is on the ascendant, but new fraud means based on it are growing and financial fraud risks are escalating. Faced with this situation, the importance of financial supervision and risk prevention has been raised to an unprecedented height under the macro background of holding the bottom line of no systematic financial risk. Due to the marriage between digitization and finance, financial fraud has taken on new features such as specialization, industrialization, concealment and cross region, which poses great challenges to traditional anti fraud methods. Therefore, the anti fraud technology should also be constantly innovated. It is not only necessary to accurately combat the existing risks, but also to take the lead to prevent problems before they occur. The behavior-based method is recognized as an effective paradigm for anti-fraud in digital finance. It can be used cooperatively as a second security line, rather than replaced with other types of existing anti-fraud methods. The behavior-based method is a highly-anticipated solution to pursue a non-intrusive and continuous authentication for online services. The efficacy of behavior-based methods significantly depends on the sufficiency and quality of behavior data. In this book, we propose anti-fraud engineering based on the behavioral modeling paradigm, which focuses on behavior associations to enhance behavior data.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-5257-1_1

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DOI: 10.1007/978-981-99-5257-1_1

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