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A Fraud Detection System Using Machine Learning

Financial services are used everywhere and function with high complexity. With the increase in online transacting, frauds too are increasing alarmingly. An automated Fraud Detection System is thus required. With millions of transactions taking place, it is practically impossible to detect frauds manually with good speed and accuracy. We propose a system that provides a robust, cost effective, efficient yet accurate solution to detect frauds in both online payment transactions and credit card payments. The proposed solution is a Machine Learning model that will serve the purpose of detecting “fraudulent” and “genuine” transactions in real time. This is beneficial for all sectors that are even mildly aligned to finance. The solution will help them analyse based on various factors if the ongoing transaction can be harmful and will prevent many unfortunate incidents.