MITS Advanced Research Techniques

Research Report

Candidate:

Student Name
Higher Education Department
Victorian Institute of Technology

Report Title:

Machine learning techniques for detecting frauds in banking

system

Abstract

The fraud is an activity that deceives the individual person or any organizations for the attacker’s
personal advantages. These frauds in the banking sector involves the traditional card related frauds
and the internet frauds. The background states the traditional approaches in the fraud detection
involved the auditing process that was inefficient and unreliable. The usage of the banking through
online and the credit card usage are rapidly growing which increases the possibility of the fraudulent
activities. These are due to the lacks of user’s knowledge as share their personal details and the OTP
number to any fake calls. The approach used to detect the frauds in banks involves the supervised and
the unsupervised algorithm of Machine Learning. The ML algorithms are used to detect the fraud that
would give approximate result. The data mining techniques were initially used by the bank but their
limitation and the drawbacks has preferred them to ML algorithm as they generate accurate results.
The deliverables obtained through the ML techniques are the easy identification of the characteristic of
fraud in the transaction. The ML algorithms would address the concept drift and the class imbalance
issue. The Naïve Bayes Algorithm, artificial Network, Self-Organizing Maps, Apriori Algorithm, etc.
are ML based algorithm used in detecting the fraud accurately. The significance of the study explains
the necessity of the ML in banking as it involves large number of transactional and the customer data
which needs to be secured. Also, the ML services cold learn new patterns without the need for human
intervention and understand the tactics used by the fraudsters.
Keywords: fraud detection, personal details, fraudulent activities, machine learning algorithm,
banking sector, drift, accuracy, new patterns, supervised, unsupervised, etc.
Introduction
As the technology is changing in every industry so do the banking sector, the digital revolution has
created various opportunities for the attackers and fraudsters who could hack the personal accounts.
The attacks that are commonly occurring in the banking are insider trading, the accounting
irregularity, etc. The large and enormous amount of data volume increases the system complexity [2]
and the rapid evolvement of the newer fraud scheme would bypass the existing detection techniques.
When using the normal audit process sit is difficult to detect the fraudulent financial statements
because of the limitation in knowing the financial characteristics and the lack of experience.

Because of the demonetization everyone uses the credit cards for various types of financial transaction
leading to fraud [1]. The main problem associated with the physical detection of the fraud is that it is
time consuming and they are very expensive. This rule-based detection system is not accurate in
detection and become more inconsistent. This is due to the new fraud patterns that are emerging [4]
and these rule-based systems are unable to detect. The risk in inaccurate detection of fraud leads to the
financial loss. That is the traditional fraud protection methods are rule based where the humans define
the rules.
Fig 1: phishing information flow [2]

The attacker would misuse the PDF programming language or the hacker designs the new pdf
document to their advantage and would retrieve the sensitive information from the bank victim.

The main purpose of this research is to detect the fraud in the banking transaction and providing
security measures to overcomes the attacks through the use of deep learning and Machine learning
Algorithms [6]. The main goal of implementing the ML techniques is to analyze and then classify the
ML that would be suitable for detecting the bank fraud with high accuracy, coverage and low costs.
The main goal is to implement the efficient fraud detection system that would identify the high frauds
that would cause huge money loss. Though the fraud detection in bank is complex they should be able
to identify the frauds accurately and must detect the bank frauds quickly.

The fraud is mainly suspected on the account and on credit cards and the individual must have to
contact the credit card bank immediately [1]. The bank would help in verifying the fraud and then
remove the charges on the victim or any authorized persons. They would close down the bank account
in order to prevent any further fraudulent transaction on the account. The bank would then issue new
card along with new bank account for future transactions.

The challenges faced by the supervised ML are that the unbalanced class size of the legitimate and the
fraudulent transactions where the legitimate transactions would far outnumber the fraudulent ones [3].
The development of the supervised models for the bank fraud would arise from the potentially
undetected fraud transactions that would lead to mislabeled cases in the data that are used for building
the model. The development of the new fraud detection methods is difficult to develop because of the
limitation in the idea exchange between the fraud detection. Also, the fraud event is a rare event ad
these fraudulent transaction occurs [5] in very low fraction from the total transaction. Hence, the
efficient and the accurate detection of the fraudulent bank transaction are difficult and more
challengeable.
Fig 2: possible data for analysis in the existing data mining approaches [4]

The limitation in rule based involves critical efficiency as it operates in an event -driven environment,
the length of the time for detecting the fraud takes equal time where the new fraud [6]goes unnoticed,
the class labels in the training data set could be incorrect and leads to selectivity bias. They’re
expensive and very difficult to obtain. The staff must label every example and would leads to privacy
breach.

The ML techniques would use the math statistics along with the knowledge and the results from various
fields like AI, mathematics [1], information technology, etc. the machine learning algorithms are
classified into supervised and unsupervised algorithms.

Fig 3: detection process of the proposed system using cluster-based ML [6]

The proposed model for bank fraud detection involves the data preprocessing, sampling process,
feature selection process [7], classification and the clustering algorithm that are based on the Machine
learning. The sampling process uses the Synthetic Minority Oversampling Technique and the RUS
technique that would generates different ration of the sampling dataset in order to increase the
reliability and the accuracy of the proposed approach. The feature selection process is regarded as an
important factor for the Machine Learning problems [5] as this would build simple and the
comprehensible model. The neural networks use the hierarchical and the multilayered structure and
that is connected with the input, hidden and the output layer. The proposed approach would use the
unsupervised algorithm with selected features and apply the algorithms that are based on the
supervised learning for the more accurate classification.
Literature Review

Machine Learning Techniques

Sadgali[2] presents about the machine learning techniques that are involved over the performance and
financial fraud detection. There are more threats and consequences arise with the day to day financial
system it is necessity to get considered with the improved system over the detection of frauds. The
techniques of fraud detection are determined as the state of art that proposes a regression, clustering
and classification that perfectly suits up with the current system. But the literature misses out with
stronger aspects which will be dealing over the detection of frauds could be progressed over data
analysis techniques.

Sai Kumar [8] conducts the detection of fraud with the credit card systems which are made determined
through the machine learning techniques. The paper get introduces with the algorithm on machine
language that identifies the frauds get occur over credit card where considered with this standard
model. The hybrids methods have been utilized in the sense that would get evaluate the efficacy model
that shall be made availed through real time data sets. The analysis algorithmic process get functioned
with the real time data set determined with the credit card usage have lesser outcome results. The
Adaboost algorithm have the sensitivity for the outliers which are made suggested by the model
classification that are needed to be made overcome through suitable prospective.

Lakshmi [11] refers the machine learning techniques for system detection for the credit card fraud. The
increasing usage of the credit cards has been remained consequences for the frauds. Techniques
proposed will be about regression, decision tree for the identification with transactional frauds. All
other methods which are utilized have shown lesser accuracy and in terms of performance and results
in specifying rate it is recommended with random forest classifier for the better results.

Data Mining Mechanism

Carneiro et.al [3] suggests a mechanism of data mining where the system get enhances with the
detection of frauds in the credit cards. There are several ways that sophisticates the researchers in
finding with the various algorithms on detecting the e-tail merchandise. Here but this research paper
the reporting over the practical implications are not proposed properly. Several insights and the
development policies are classified and compared with automatic and manual form. Several other
mechanisms that are used to get processed with the machine learning techniques would be repeatedly
showcasing the analysis on fragment classification. These are made targeted through certain dataset
values that are achieved through high accuracy classifiers where not followed with this data mining
mechanism.

Rajdeepa and Nandhtiha[5] terms out the mechanism of data mining for detecting frauds over the
banking sector. In this sector of banking it seems to be increasing frauds drastically. The data mining
techniques involved with clustering, classification and predictions which are acceptable under certain
range where it comes over criticism when analyzing it with the testing data. The approach of
classification will be made neglected in the sense pre - classified parameters are considered over the
classifier model. It is necessary to forecast with the variables under multiple parameters which are
clearly classified with the techniques of data mining that explicit result that are directed for
development which is not mentioned in the article.

Eweoya[14] predicts the frauds over the credit banking administration and works with the domain
approach which are recommended on a context study. The focus made primarily for the research works
that identifies better concepts and predicting financial frauds. But the traditional methods that are
suggested will not provide sophisticated fraud detection with the administration credit. The approaches
which have been chosen have also not providing the best efficiency with consumption on time.

Phua[18] conducts a comprehensive study that deals in performing research which are based on data
mining techniques. The article formalizes the occurring frauds on types and sub types where several
materials are made collected as evidence. The alternative proposal is made for the solution related
domains and expected research methods do not sort out the problems for detection of fraud.

Amanze[25] suggest the application of data mining over detection system for credit card fraudulent.
Knowledge based discovery patterns have been utilized predominantly for the data mining as the
algorithm that detects fraud. The anomaly based algorithm which has been used will be prevailing the
results that occur only through the online fraudsters and do not discuss the frauds that are committed
offline.

Deep Learning Methods

Reina[1] defines a fraud traditional and protection mechanisms over the industry of banking which are
basically made defined through certain rules. Most of fraudulent used to get occurred with the rules
based method which does not get suits up with the current and the future sustainable aspects. There is
a newer approach required to get processed as the deep learning mechanisms which are familiarized
with the unsupervised learning deep algorithms. The importance of deep learning is also made
discusses alongside several scheme detection functionalities are used to get utilized. There is some
disagreement with the unsupervised learning mechanism which is suggested with the article because
the general systems are utilizing the little set of data while current time models are suggested with
highly supervised large datasets.

Mahajan and Sharma[4] defines about the data mining techniques that are used for detecting the
frauds while utilizing the credit cards. The techniques such as k-nearest neighbor, logistic regression
and SVM model are represented as the data mining metrics involved in identifying the frauds. The KNN
algorithm will be get defined with case available storage which are classified on the distant function
models which recognize the suitable patterns that are later considered to be non-parametric technique.
Other set of algorithms that are used to be made determined over varied data mining techniques where
the suggestive techniques are not effective with the paper.

Saragih[6] examines the supervised machine learning algorithms and methodologies for effectively
detecting the fraud in baking sector which gives accurate fraud results. The impact of the of the fraud
or the illegal activities leads to loss of trust between the business and customers. The fraud activity
also impacted the business revenue which caused turnover of the company. The Machine Learning
algorithms like Naïve Bayes algorithm, Decision Tree algorithm, k-nearest neighbor algorithm,
Support Vector Machine, the Logistic regression and the Artificial Neural Networks are studied. This
research does not help the banking sector to monitor the banking process or their online system. Hence
utilizing the supervised ML algorithm and neural network algorithms are applied to banking websites
and the fraud activity could be detected and prevented.

Minastireanu[15] had analyzed the most utilized algorithm for machine learning for detecting online
frauds. Several mechanisms are made proposed and besides these techniques have the drawbacks on
combating and identifying the online transaction fraudulent. The paper highlights with the technology
that are most suitable for fraud detecting on basis of cost, accuracy and coverage but do not performs
the analysis on the basis of recovery and effectiveness.

Classification Algorithms
Kurien[9] determines about prediction and detection of transaction frauds with the credit cards on
utilizing the machine learning technology. The chances of empirical frauds have raise in recent years
in accordance with usage of credit cards. These would bring out the fraudulent activities that are used
to get held with transactions in the financial institutions that made processed through algorithms in
machine learning. Solutions can get attained through the deep learning and machine learning
techniques that sort out detection of frauds but not with full accuracy. Other papers discuss the
APRIORI algorithm as the alternative measures which define better patterns for fraud analyses which
are suitable approach suggested.

Rajaei[10] literature paper determines the mechanism of identifying the frauds that get took over the
financial data at the banking institutions that classified with the algorithm. Due to increased number of
processing the financial functions in banking and financial institutions are seems to get abnormality
with the results in identifying fraudulent. Several data mining techniques have been used to check out
the data and information volume at huge set levels. As a combination these hidden patterns are
determined with various classifying algorithms that aimed on utilizing the typical layering network not
enough. The better patterns over the results are required to be identified which can be overcome
through classifying data to prove the level of accuracy for the diagnosis.

Wakodikar[12] classifies current state of art which discusses various techniques for learning active
algorithms, visual analytics and several other mechanisms for alleviate frauds financially. Security
expansion is achievable in the machine learning and techniques of data mining. Existing technical
parts are made over a comparison which does not completely mitigates with the fraud arise and that do
not ensure cent percent surety and it will be requiring several researchers that are not made untouched.

Daliri[13] on utilizing the Neural networks with the harmony search algorithm defines the mechanism
for improving the banking system for fraud detection. The integrated mechanism of HSA and ANN have
been proposed for detection of mass data sets had shown only least accuracy when comparison. The
value time used to get obtained results a lower relative performance which is not enough to get detect
with the dishonest customers.

Minastireanu[15] had analyzed the most utilized algorithm for machine learning for detecting online
frauds. Several mechanisms are made proposed and besides these techniques have the drawbacks on
combating and identifying the online transaction fraudulent. The paper highlights with the technology
that are most suitable for fraud detecting on basis of cost, accuracy and coverage but do not performs
the analysis on the basis of recovery and effectiveness.

Kotsiantis[22] predicts the statements related with the financial frauds that arise can dealt with the
techniques of machine learning. The paper article exploring the dealings and the FFS factors that
represents with a learning representation algorithm. The study suggests the usage of FFS on successful
implementation as a decision tree where financial ratio details are not provided properly.

Data Collection Mechanism

Syniavska[16] process a counter attacking model for e-banking frauds that supports best proposal for
e-banking security system. Classic LV model is utilized and attained a logistic growth in defining e-
banking counteract. But unlikely these models do not possess a stable situation for the nodes that dealt
and practiced under right cases. Hence it is difficult to get performed with the statistics and counter
cyber-attacks.

Jayant [17] Performs the survey on detection techniques for the credit card frauds and the concept
suggested would be the quicker way of processing the detection of frauds. These form of transactions
used to get made under suspicious, abnormal and normal mechanism. The given corresponding aspects
that are processed with the survey result in weakened belief for the learning system.
Choi [19] defines an approach of artificial intelligence that detects the financial frauds over the
internet of things environmental setup through conducting implementation and survey. Large set of
data and information are collected and processed as a financial data and set of process such as
applying, sampling and selection are functioned under unsupervised and supervised algorithm. Article
has some drawbacks since it does not validate proper mechanism in handling transacting financial
data.

Mishra [20] involves in usage of ANN artificial neural networking for identifying credit card frauds.
Paper article functions the performance on analyzing the results with a comparative study that utilizes
a proposed model that defines a model networking techniques. These output results are get differ in the
form of LM, GDA and BR techniques that taken varying datasets causes issues while applying the
model.
Sorournejad[21] surveys the techniques for the credit card detecting frauds on the perspectives of data
and technique. Article gets functions by review conducting on the credit that evaluates certain criteria
and other datasets that enumerates the methods for fraud detection. Paper suggests both supervised
and unsupervised techniques of anomaly detection. Even though the problems are grouped there are
several other open issues which are not explained properly for the newly researchers.
Comparative Analysis
Jain et.al [7] performs with an analysis comparatively with the techniques of detection with the credit
card fraud. The detection of fraud process involves the finding of the fraud activity that has occurred or
going to occur from a thousand of genuine transaction activities. The good fraud detection system must
be capable enough to detect the frauds accurately; wrong classification must be reduced, must not
label any of the genuine transaction as fraudulent and must be able to detect the bank fraud when the
transaction is in transmitted. The limitation of the algorithm is lack of efficient evaluation parameters,
unavailability of the single most powerful algorithms and new fraudulent activities are kept on
changing their patterns so the system, fails to adapt to the changing environment. The main drawback
associated with the above ML techniques is that they would not give the same exact results in different
fraud environments. The ANN and the Naïve Bayes gives accurate results in fraud detection but they
are highly expensive to train. To overcome these issues, the best solution is to generate the hybrid
detection technique from all the algorithms to enhance the performance and to provide accurate results
in all environment system which is not suggested with the paper.

Patel et.al [23] proposes the model of network of recurrent rural which will be defining better
framework against the existing suggested models of SVM. Real times datasets are taken into
consideration and fraud over the payment transaction are used to get identified. But the article does
not perform has per the expectation while comparing it with the SVM models due to increased False
positive and Negative rate.
Shukur[24] performs the speedy participation which involves the credit card detecting of frauds under
the machine learning mechanism of victimization classifiers. On performing the required analysis, the
major elements which are used for the analysis will not be suggesting a cent percent accuracy where
other predefined results and the datasets reaches out better results on comparison.
Methodology

In the banking sector, most of the time fraud events are occurred and many users are affected by the
fraudulent events. To find out these activities, new advanced techniques are needed. For that, it is
suggested to use the artificial neural networks (ANN). It is a kind of machine learning algorithm used
in the field of banking most to early identify the fraud activities. Two main categories of ANN are
supervised and unsupervised. In the supervised category, it will use non-fraudulent and fraudulent
samples whereas unsupervised category normally looking for a process of transaction that is new to
normal. This is not required in the existing database of fraudulent transaction processes. Artificial
neurons are integrated with the ANN method and the system of neural networking process combining
with the memory and pattern recognition functions. The method of ANN will recognize the patterns of
identical and predicting future operations perform based on the integrated memory events [27]. The
respective method often using the classifying and clustering operating functions. This method makes
easier to detect the fraud activities when it implementing in the banking sector. ANN uses a model
completing structure in order to identify instances in the data. Generally, it has two various kinds of
credit card fraud such as offline and online fraud. The offline fraud may steal the physical cards in the
call centers and an online scam system can run the fraud process via the internet, phones and websites.
These banking related issues are solved by using the ANN method because the suggested method
capable to effectively identify the immoral activities.
Cluster based machine learning techniques are suggested to use it in the banking field because it
provide positive results and the fraud activities are identified quickly in a timely manner. The proposed
method contains some essential functions that are data preprocessing, process of sampling, selection
process of features and the classification method. Feature selection is an important factor for the ML
(Machine Learning).
 Sampling procedures uses the technique of synthetic minority oversampling and RUS.
 The using techniques are used to generate the various rational of the sample dataset in order to
increase the accuracy and reliability of the suggested approach.
 Neural network uses a multi-layer and hierarchical architecture that is connected to the layers
of input, hidden and restive output.
 Unsupervised algorithm used in the proposed model with selected features and the algorithm
applied based on the supervised learning for more accurate results in the classification.
 Figure 4 – Unsupervised Machine Learning Algorithm [28].
Some of the supervised ML algorithms used few effective techniques to solve the banking fraud
activities such as logistic regression, random forests, neural networks and decision tree.
 Logistic regression is a method used to determine the relations among the cause and effect
strengths variables in the fraud datasets [29]. The developed algorithm with the help of logistic
regression used to detect whether the money transaction is good or not.
 Random forests group the various weak classifiers into the only one strong classifier and them
using decision trees to build.
 Decision tress can be mainly used to create a group of rules that model normal behavior of
client and can be trained to detect the anomalies using the instances of fraud [30].
 Neural networks are effective technique working like as the human brain and the method able
to adopt and learn normal behavior of patterns so which makes easy to identify the fraud
activities in a real-time.
 Figure 5 – Decision Making Process of Proposed System [31].
Combined Class Method (CCM) is another approach and it uses SMOTE in order to interpolate the
noisy data points on the data boundary among inliers and outliers. Additionally, the technique nearest
neighbor used to clean the data that present nearly in the separatrix of both classes and it makes
datasets to very clean use for easier distinguish. Unsupervised techniques are using some methods to
identify the fraud activities.
 K-means method splits a fraud dataset into the clusters and the algorithm repeats and assigns
the data points to one predefined number of classes which represents “k” based on the dataset
features. There are clusters of data points based on the similarity of feature.
 Local Outlier Factor method that calculates the data point’s local density and allows to identify
the regions of similar density that presented in the given fraud data set. Using the concept of
locality, one or users can distinguish data points with a much density in a lower than the other
neighbors.
 A class SVM learns a method or function that used for detecting the innovative or novelty. The
idea behind the detecting of novelty is to find rare cases for example; the events are occurring
rarely and the case of having very few samples of datasets. But the problem is that the normal
way of training with the classifiers does not work.
The mentioned methods are highly used in the machine learning algorithm and provide a better result
while detecting the fraud activities in a real-time.
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