Review on different mechanisms for detecting financial fraud using machine learning

Abstract: In finance sector online digital transactions are rapidly growing in world global market. Due to pandemic condition every part world uses the digital transaction to purchase daily used commodity. According the world payment report, digital transaction are drastically increase more than double after pandemic. As online transaction rapidly increases properly false and fraud transaction has been increased. According the survey report more than seventy percent of customer in India are confusion about digital transaction which is more percentage than last two years. In this paper we have addressing various machine learning approaches to detecting false or fraud transaction.

Keywords: Machine learning, Supervised learning, Unsupervised learning.