Creating an Advanced Fraud Detection Framework

Requirements Clarification & Assessment

• Objective Understanding:
  • Develop a framework to detect and prevent fraudulent transactions in real-time.
  • Enhance the platform's overall security.
• Scope Definition:
  • Focus on monitoring and detection, not on post-fraud investigation.
  • Target both known fraud patterns and emerging threats.
• Stakeholder Identification:
  • Collaborate with security teams, data engineers, and business analysts.
  • Engage with legal and compliance teams to ensure adherence to regulations.
• Data Requirements:
  • Access to transactional data, user behavior data, and historical fraud data.
  • Ensure data quality and integrity.
• Technical Constraints:
  • Real-time processing capabilities.
  • Scalability to handle large volumes of transactions.
• Performance Metrics:
  • High detection rate with minimal false positives.
  • Low latency in detection to facilitate real-time response.