Online Payments Fraud Detection with Machine Learning Algorithm
Renuka Singh, Janarthanan Sekar, Parvez Ahmad, Viqar Uddin Ahmad · 2024
In today's environment, people rely on online commerce for almost everything. Online business has many advantages such as ease of use, efficiency, fast payment, etc. It has many advantages, such as, but also protection against fraud, phishing, information loss, etc. It also has some disadvantages such as: As online commerce grows, the risk of fraud and fraudulent transactions that can violate personal privacy remains. To counter the high risk, many commercial banks and insurance companies have invested billions of rupees, in improving business detection. This study demonstrates the effectiveness of technology as a standard in detecting fraud. Algorithms gain insight, increase security, and improve performance by processing as much data as possible. These algorithms are useful for identifying dishonest transactions online. Get the unique online business dataset here. Then, with the help of machine learning algorithms, discrepancies or certain patterns in the data are found, which helps detect fraud. XGBoost algorithm is a decision tree to be used to get the best results. This algorithm has recently been brought to the machine. Therefore, it is crucial to stop the fraudsters' activities. Adding more layers increases the authenticity of the experience. An empirical study is carried out with the aid of cutting edge technologies, variety in epochs, and quantity of layers.