Recent Advances in Cybersecurity and Fraud Detection in Financial Services: A Survey
Aakriti Bajracharya, Barron Harvey, Danda B. Rawat
Abstract
Cybersecurity issues have been gaining continuous attention from financial institutions and regulatory bodies and cyberattacks have escalated after the pandemic. Adversaries are often determined to exploit new vulnerabilities and the financial service industry is losing huge amounts in spite of strong layered defenses. In this paper, we analyze the current scenario of cybersecurity risks and provide a comprehensive overview of the recent approaches in evolving cybersecurity and fraud detection practices at scale. This paper reviews new challenges in effective cybersecurity measures and financial fraud detection. Finally some key potential directions are proposed to inspire intelligent solutions for defending and mitigating against cyberattacks.