Online Fraud Detection on How and why people commit efraud How and why people commit efraud

Online Fraud Detection on How and why people commit efraud Pressure, opportunity and rationalization form the fraud triangle, which information technology security experts now believe are reasons why people commit electronic fraud. Also, the people factor in e-payment fraud is increasing, with greed said to be responsible for 67% of fraud cases in 2015, while other causes included problems from debts and gambling, according to Dele Adeyinka, chief digital officer, Wema Bank Plc. In a presentation, at 7th annual payment systems & fraud conference held in Lagos recently, Adeyinka, said that explanation behind fraud needs to take account of various factors, particularly, from the fraudster‟s perspective. He cautioned that individuals, financial institutions, other corporate bodies and the Government, must take serious the motivation of potential offenders; conditions under which people can rationalize their prospective crimes away and opportunities to commit crime(s); technical ability of the fraudster and expected and actual risk of discovery after the fraud has been carried out, as practical steps to nib in the bud e-payment frauds. “A common model that brings together a number of the reasons why people commit fraud is the Fraud Triangle. This model is built on the premise that fraud is likely to