Credit card fraud detection - Classifier selection strategy. (arXiv:2208.11900v1 [cs.LG])

Machine learning has opened up new tools for financial fraud detection. Using
a sample of annotated transactions, a machine learning classification algorithm
learns to detect frauds. With growing credit card transaction volumes and
rising fraud percentages there is growing interest in finding appropriate
machine learning classifiers for detection. However, fraud data sets are
diverse and exhibit inconsistent characteristics. As a result, a model
effective on a given data set is not guaranteed to perform on another. Further,
the possibility of …

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