In today's technologically advanced society, fraud detection is a major concern. According to the Association of Certified Fraud Examiners (ACFE), fraud costs companies trillions of dollars worldwide, or nearly 5% of their yearly sales (ACFE Report to the Nations 2024). Businesses are increasingly using cutting-edge technology like artificial intelligence (AI) and machine learning (ML) as fraudsters become more skilled. Behavioral analytics is at the forefront of this movement and directly fights fraud.
Problem Statement
In today's modern era, fraud is growing beyond conventional methods because of utilizing the volume and velocity of online transactions.