Financial Fraud Detection using Improved Artificial Humming Bird Algorithm with Modified Extreme Learning Machine

Abstract

More and more industries, including the financial sector, are moving their operations online as internet usage continues to rise at an exponential rate. As a result, financial fraud is on the rise in all its guises and in all parts of the world, causing enormous economic damage. The purpose of financial fraud detection systems is to identify potential dangers, such as unauthorised access or unusual attacks. In recent years, this problem has been attacked using a variety of machine learning and data mining methods. Aalgorithms, on the other hand, are better able to deal with only a small quantity of labelled data and a large amount of unlabeled data, making them useful in situations where it would be impractical to rely solely on supervised learning algorithms to train a good-performing classifier. In this research, we propose a Semi-supervised Extreme Learning Machine (SKELM) built on top of the weighted kernel, which we call SELMWK. For the purpose of detecting financial fraud, this research proposes an enhanced artificial hummingbird algorithm (IAHA). The algorithm combines two essential techniques to enhance its capacity for optimisation. To begin, the Chebyshev chaotic map is used to seed the first population of artificial hummingbirds, which boosts the population's overall ability to do global searches. Second, the guided foraging phase incorporates the Levy flight to enlarge the search field and forestall early convergence. The experimental results demonstration that the suggested technique recovers the Internet monetary fraud detections.