Fraud Detection in Financial Transactions using Machine Learning - A Comparative Study

Data analysis techniques using machine learning approaches are the most prominent when we are considering the online fraud, it may be a credit card fraud or any other online fraud in the banking system. Using Machine Learning techniques, we can easily manage the information of fake transactions by extensive data analysis of time, location and amount in the real time. This paper gives the comprehensive study of the changing scene of the fraud discovery in monetary exchanges, investigating the most recent patterns, advances, and techniques utilized by financial institutions and other administrative bodies. An extensive review of various machine learning techniques has been done to find out the effective solution to protect the online fraud.