Online banking fraud detection system: A review

Abstract

The volume of online banking transactions is expanding day by day resulting in fraudulent transaction cases as well, producing losses in money for banking sector and financial institutions every year. Hence, there is an urgent need for a reliable mechanism which can efficiently identify and prevent such fraud transactions. Data mining and machine learning helps in detecting the patterns among data attributes i.e. to detect whether a transaction is fraudulent or not. This review paper compares the performance parameters retrieved from various methods used in various existing studies to detect the online banking fraud and presents the best methods used to detect the fraudulent transactions.