Online Payment Fraud Detection Using Machine Learning

Abstract

Online payments have been appealing because of how easy it is to make a payment while seated anywhere in the world. Online payments have increased within the last few decades. E-payments allow both consumers and corporations to make a lot of money. Nevertheless, due to their ease of use, electronic payments also carry a danger of fraud. A customer needs to be sure that the money he is spending is only going to the right service provider. In addition to the annoyance of having to report the fraud, ban their payment method, and other measures, individuals who fall victim to online fraud run the risk of having their data exposed. There are problems when businesses get involved; sometimes they have to give refunds to retain customers. Consequently, it is essential that organizations and consumers alike are aware of these online frauds. This paper proposes a model to identify whether or not an online payment is fake. Features like the sort of payment, the identity of the recipient, etc., would be considered in order to identify whether or not a particular online payment is fraudulent.