Real-Time Online Banking Fraud Detection Model by Unsupervised Learning Fusion

Digital trades and payments are becoming increasingly popular, as they typically entail monetary transactions. This not only makes electronic transactions more convenient for the end customer, but it also raises the likelihood of fraud. An adequate fraud detection system with a cutting-edge model is critical to minimizing fraud costs. Identifying fraud at the ideal time entails establishing and setting up ubiquitous systems to consume and analyze massive amounts of streaming data. Recent advances in data analytics methods and introducing open-source technology for big data storage and processing opened new options for detecting fraud. This study aims to tackle this critical issue by providing a newly real-time e-transaction fraud detection schema that consolidates the advantages of both unsupervised learners, including autoencoder and extended isolation forests, with cutting-edge big data gadgets such as Spark streaming and sparkling water. It addresses the shortage of non-fraudulent instances and handles the excessive dimension of the set of features. On two real-world transactional datasets, we assess our suggested technique. Compared with other current fraud identification systems, our methodology delivers an elevated accuracy yield of 99%. Furthermore, it outperforms state-of-the-art approaches in reliably identifying fraudulent samples. © Authors retain all.