Privacy Intrusiveness in Financial-Banking Fraud Detection

Specialty literature and solutions in the market have been focusing last decade on collecting aggregating significant amounts of data about transactions (and user behavior) refining algorithms used to identify fraud. At same time, legislation European Union has adopted direction (e.g., PSD2) order impose obligations stakeholders However, one hand, provides a high-level description this legal obligation, other are diversifying terms collected and, especially, attempts aggregate generate more accurate results. This leads an issue that not analyzed yet deeply specialty or by legislators, respectively, privacy concerns case profile building aggregation for fraud identification purposes responsibility frauds context their under protection legislation. article comes as block research, it contains (i) analysis existing detection methods approaches, together with impact from perspective (ii) respondents’ views toward based questionnaire respect having 425 respondents. Consequently, assists bridging gap between implementation law, recommendations compliance latter obligation while also complying aspects.