Girish, K.K.Bhowmik, B.2026-02-062024Lecture Notes in Networks and Systems, 2024, Vol.966 LNNS, , p. 51-6423673370https://doi.org/10.1007/978-981-97-2004-0_4https://idr.nitk.ac.in/handle/123456789/28992As the world is sailing toward a highly advanced digital financial culture with the advent of financial technologies (FinTech), more and more people are now under the shore of financial inclusion. Subsequently, new opportunities are created in the financial sector, making it possible for people who were previously unbanked or underbanked to access financial services. However, the rise in financial fraud and its potential implications are creating a rift in the financial sector, resulting in substantial economic losses across the globe. This paper provides an in-depth comprehension of financial fraud, encompassing its historical perspectives and ramifications. After that, factors contributing to fraudulent behavior are highlighted. In addition, the paper presents a comprehensive framework for fraud classification and accentuates the impacts of financial fraud. Furthermore, the paper underscores the aspects influencing future occurrences of financial fraud, enabling the formulation of proactive strategies to prevent and mitigate it. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2024.Financial inclusionFinTechFraud classificationFraud detectionFraud prospectsHistorical perspectives