Implementation of Machine Learning Algorithm to Detect Credit Card Frauds

As the world is becoming more digitalized with every sector using the internet to flourish their businesses, online transactions have become an inevitable part of life. There has been a steady rise in the number of online transactions and this will continue to increase in the future as well. One of the major modes of online transactions is credit cards and along with its extensive use comes its major drawback, that is, credit card fraud. Machine learning plays a vital role in detecting credit card frauds as it is not possible for banks to monitor every transaction. This paper explores different machine learning algorithms used to detect credit card frauds.