Adaptive Fraud Detection Framework for FinTech Based on Machine Learning

FinTech, refers to new applications, processes, products or business models in the financial services industry, all of which would bring increased values and innovation in financial services. In recent years, the fraud of mobile and financial is growing. For finding these frauds, there are many fraud detection method, algorithms and systems. However, there are well known problems on the fraud detection system. One is too difficult to create an appropriate model for discovering fraud and the other is difficult to detect new types of fraud in the emerging fintech services. In this paper, we will present technical challenge, functionality of fraud detection framework and adaptive algorithm for framework based on a machine learning algorithms. At last, we will present experiment result for validating applicability and practicability of our proposal.