The financial fraud detection system addresses several critical problems within the realm of financial transactions and activities. Here are some key issues that such a system aims to solve:

Unauthorized Access and Identity Theft
Detection of unauthorized access attempts and protection against identity theft
Verification of user identities through various authentication measures
Identification and prevention of fraudulent activities related to credit and debit card transactions

Account Takeover: Early detection of suspicious activities that might indicate an account takeover.
Implementation of multi-factor authentication to secure accounts.

Insider Fraud:Monitoring internal activities to identify and prevent fraud committed by employees or collaborators.
Implementation of access controls and audit trails to track user actions.
Transaction Anomalies