Frauds in the finance field are very rare to be identified. Because of that, it can do a severe damage to the financial field. It is estimated that fraud costs at least $80 billion a year across all lines of insurance. If there is a small possibility of detecting fraudulent activities, that can do a major impact on annual losses. That is why financial companies invest in machine learning as a preemptive approach to tackling fraud. The benefits of using a machine learning approach are that, It helps to find hidden and implicit correlations in data. Faster data processing and less manual work Automatic detection of possible fraud scenarios. The best way to detect frauds is anomaly detection
Data-Set Link : https://www.kaggle.com/mlg-ulb/creditcardfraud