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FRAUD DETECTION AND CONTROL ON ATM MACHINES, AN ALGORITHM FOR COMBATING CASH AND FUND TRANSFER
Banking sector has been a vital institution that contributes immensely to the sustainability and maintenance of the economy in any country. The cases attributed to bank transaction can be negative when infused by intruders or fraudsters. This paper is poised at carefully analyzing the existing system of Electronic Fund Transfer through (EFT) ATM activities as regarding: – Cash withdrawal, fund transfer, password hacking, pin misplacement, and bio-technology. The paper will analyze various kinds of frauds and will try to propose an approach to help in solving and detecting frauds on ATM; thereby proposing a more sophisticated machine that will be able to accept the technologies of security. Fraudsters have untiring times making illegal moneys while the propose algorithm in this work will combat most efforts of illegalities regarding funds by electronic data processing (EDP) in the Banking sector; this will be achieved by data mining the bio-data though biometric combinational operations at the initial opening of the accounts and as such will conform with the algorithm proposed; the paper worked carefully using the existing literatures and systems to combine the approaches of biometric to the already existing ones and making a complete proposal for a design of ATM engine that will be having on it an incorporated thumb print capture area and the possibility of the eye scanners and also make sure it doesn’t slow down the process to unacceptable speed.
Keywords: Electronic fund transfer, Electronic data processing, Fraud, ATM, Bank, Security, Bio-technology, Data-mining, algorithm, fund, bio-metric, eye scanners, thumb print.