Fraud Detection Algorithms Fraud Detection using Machine Learning

For years, fraud has been a major issue in sectors like banking, medical, insurance, and many others. Due to the increase in online transactions through different payment options, such as credit/debit cards, PhonePe, Gpay, Paytm, etc., fraudulent activities have also increased. Moreover, fraudsters or criminals have become very skilled in finding escapes so that they can loot more. Since no system is perfect and there is always a loophole them, it has become a challenging task to make a secure system for authentication and preventing customers from fraud. So, Fraud detection algorithms are very useful for preventing frauds. Here comes Machine Learning which can be used for creating a fraud detection algorithm that helps in solving these real-world problems.