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Machine Learning, also known as Artificial Intelligence (AI), has gained immense popularity in the last decade, especially with recent technological advancements such as ChatGPT. AI will eventually be a part of most if not all softwares. This book is an attempt to help integrate Machine Learning into the world of fraud detection.

Online fraud is, unfortunately, a booming industry. And fraud attacks are being perpetrated in a multitude of ways with ever increasing sophistication. Traditional fraud detection systems are rule-based, which are mediocre in performance, hard to update and require significant manual effort. Machine Learning is a powerful alternative that can create advanced and accurate fraud detection systems which can be trained and updated with minimal manual effort. Such systems are data-hungry and improve as more data is used to train them.