Fraud Detection on Bank Payments

Abstract

Abstract: A "financial fraud" occurs when money is obtained via dishonest and illegal ways. The use of deceitful means to get financial benefits, or financial fraud, has lately grown to be a major concern for organizations and corporations. Despite several efforts to reduce it, financial fraud continues to harm both society and the economy, causing huge losses every day. Antiquity is the cradle of several techniques for detecting deceitful acts. Handiwork is the norm, despite its many drawbacks: it's time-consuming, costly, prone to mistakes, and inefficient. No research has been able to decrease fraud-related losses thus far, but there may be more on the way. Traditional approaches to identifying these fraudulent operations rely on labor-intensive, costly, and prone-to-error human verifications and inspections.