How Can Machine Learning Help in Fraud Detection

In 2018, fraud had an impact worth more than $3 trillion on the global economy.

The pandemic years of 2020 and 2021 saw online crimes increase at an unprecedented rate as businesses struggled to increase their client and customer base. Fraud and scams have grown in tandem with internet penetration over the last few years.

Cybersecurity firms and think tanks around the world are dedicating a huge amount of resources to fighting online fraud. Machine learning in fraud detection is a result of these concentrated efforts. Machine learning is now regarded as one of the most promising answers to online