Online Payment Fraud Detection Using Machine Learning
S Lochan, H V Sumanth, Ashwini Kodipalli, B R Rohini, Trupthi Rao, V. Pushpalatha
Abstract
With the rise of web surfing and online shopping, so came the use of credit cards for online transactions, as did the prevalence of online financial fraud. Just in 2018, credit card theft cost the globe 24.26 billion USD. Many innocent individuals have lost a significant amount of money due to these scams, which have stopped them from ever engaging in online payment operations. Older folks, who are less skilled in technology, are the most frequent targets of these scams. Traditionally, To locate credit card fraud, automated learning techniques have been utilised through machine learning and deep learning approaches. However, automated learning approaches are labelled, which necessitates the acquisition of prior information. Our Hybrid technique outperformed the k-means clustering strategy in terms of accuracy, precision, and recall.