International Journal of Advanced Research in Computer Science and Software Engineering (IJARCSSE)
Significant shifts in the business environment, economic volatility, changing customer and staff expectations, and the adoption of new technology make it increasingly challenging for banks to navigate technology strategy alternatives and prioritize technology investments. The banking industry around the world has undergone a tremendous change in the way business is conducted. Leading banks are using Data Mining (DM) tools for customer segmentation and profitability, credit scoring and approval, predicting payment default, marketing, detecting fraudulent transactions, etc. This paper provides an overview of the concept of Data Mining and different frauds in Banking. Data might be one of the most valuable assets of any corporation, but only if it knows how to reveal valuable knowledge hidden in raw data.