Fraudulent Banking Transaction Classification Using Deep Learning Algorithm.

Abstract

Financial fraud is a significant problem in the banking industry, and detecting fraudulent transactions is a critical task for banks to protect their customers and maintain trust in the financial system. Traditional rule-based approaches for detecting fraud often rely on pre-defined thresholds and heuristics, which can be circumvented by sophisticated fraudsters. As a result, machine learning techniques have gained increasing attention in recent years for their ability to automatically learn from data and adapt to changing fraud patterns .In this project, we propose a novel approach for classifying fraudulent banking transactions using a deep learning algorithm. Our approach leverages the power of deep neural networks to automatically extract meaningful features from transaction data, and then use these features to accurately classify transactions as either fraudulent or legitimate