Advanced Machine Learning Techniques for Fraud Detection in Financial Transactions
Gorle Sai Prasanna, Sai Krishna Manohar Cheemakurthi, Vinodh Gunnam, Naresh Babu Kilaru, Jami Venkata Suman · 2024
Fraud detection in financial operations is a vital obligation for maintaining integrity and privacy of financial processes. This research utilizes powerful machine learning algorithms to increase an assessment of fraudulent activities. By implementing an extensive repertoire of algorithms, which could be Decision Trees, Neural Networks, and Support Vector Machines, we analyse their performance in spotting fraudulent transactions. The research focuses on the challenges of imbalanced data and the effect of the emphasize choice in model correctness. Experimental results reveal that merging diverse techniques might greatly boost detection rates while reducing false positives. This research not only highlights the merits and limits of numerous algorithms established on machine learning but also includes information about how they might be used in actual-world banking and financial systems. The results aid to the continuous efforts to safeguard financial transactions against fraud.