Exploring machine learning techniques for enhancing fraud detection

Financial frauds are unethical practices that are employed to obtain financial gain. Financial fraud poses a greater threat and has a negative influence on the financial industry. Financial in-situations are therefore required to enhance their fraud detection systems. Numerous studies employing deep learning and machine learning have provided answers to the problem in recent years. Solutions based on machine learning have the ability to both identifyfrauds and reduce the likelihood of falling victim to one. The purpose of this work is to present an overview of the existing literature on fraud detection, along with machine learning-based solutions.