Detecting Banking Fraud Using Machine Learning Methods

In today’s world, there has been an increase in fraud and scam cases in the digital banking platform. For instance, like, last week there was an audio being circulated in WhatsApp where a person’s money had been laundered from his own bank account by scammers who had asked him certain questions pretending to be an official from bank, and the audio shows him wailing over his loss as he was a daily laborer as well.  Another family friend of mine had got trapped in the same scoundrel when he entered his bank details into a website that probably was a fraud. This was not the first time I’ve heard about banking fraud and I can guarantee this isn’t going to be the last. It terrified me of thinking how I would feel, if I just opened my bank account one day to see unknown transactions made from my account and my money looted. It kept me thinking on how many people have fallen under this fraud scams and how if it is possible for AI methods could help us detect banking fraud. This lead me to...