A Comprehensive Study Of Machine Learning (ml) Algorithms And Performance Evaluation: Enhancing The Credit Card Fraud Detection

Abstract

Credit Card Companies Must Be Able To Identify Fraudulent Credit Card Transactions So That Clients Are Not Charged For Items They Did Not Purchase. Previously, Many Machine Learning Approaches And Classifiers Were Used To Detect Fraudulent Transactions. However, Because Fraud Patterns Are Always Changing, It Is Becoming Increasingly Vital To Investigate New Frauds And Develop The Model Based On The New Patterns. The Purpose Of This Research Is To Create A Machine Learning Classifier That Not Only Detects Fraud But Also Detects Legitimate Transactions. As A Result, The Model Should Have Excellent Accuracy, Precision, Recall, And F1-score. As A Result, We Began With A Large Dataset In This Study And Used Four Machine Learning Classifiers: Support Vector Machine (SVM), Decision Tree, Naïve Bayes, And Random Forest. The Random Forest Classifier Scored 99.96% Overall Accuracy With The Best Precision, Recall, F1- Score, And Matthew’s Correlation Coefficient In The Experiments.

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