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arXiv · 2308.14215

TimeTrail: Unveiling Financial Fraud Patterns through Temporal Correlation Analysis

Sushrut Ghimire
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Abstract

In the field of financial fraud detection, understanding the underlying patterns and dynamics is important to ensure effective and reliable systems. This research introduces a new technique, "TimeTrail," which employs advanced temporal correlation analysis to explain complex financial fraud patterns. The technique leverages time-related insights to provide transparent and interpretable explanations for fraud detection decisions, enhancing accountability and trust. The "TimeTrail" methodology consists of three key phases: temporal data enrichment, dynamic correlation analysis, and interpretable pattern visualization. Initially, raw financial transaction data is enriched with temporal attributes. Dynamic correlations between these attributes are then quantified using innovative statistical measures. Finally, a unified visualization framework presents these correlations in an interpretable manner. To validate the effectiveness of "TimeTrail," a study is conducted on a diverse financial dataset, surrounding various fraud scenarios. Results demonstrate the technique's capability to uncover hidden temporal correlations and patterns, performing better than conventional methods in both accuracy and interpretability. Moreover, a case study showcasing the application of "TimeTrail" in real-world scenarios highlights its utility for fraud detection.

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Sushrut Ghimire. 2023-08-27. TimeTrail: Unveiling Financial Fraud Patterns through Temporal Correlation Analysis. https://arxiv.org/abs/2308.14215

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