Big Data Analytics for Proactive Financial Fraud Detection and Prevention

Financial fraud poses a significant challenge to the financial industry, with increasing complexity and scale threatening global economic stability. This paper explores the use of Big Data Analytics for proactive detection and prevention of financial fraud. By analyzing large and diverse datasets, this approach aims to identify patterns and anomalies that may indicate fraudulent activities before they harm financial institutions. In this study, Smart PLS is employed as the primary method to test the structural model and the influence of various variables on the effectiveness of fraud prevention. The findings reveal that integrating Big Data Analytics into fraud prevention strategies can enhance early detection and response to fraud threats, positively impacting financial risk management. This research contributes significantly to the field of risk management by offering a framework that can be implemented to enhance financial security through advanced data analytics.