Database is an organized collection of structured information, or data stored electronically in a computer system...

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Database is an organized collection of structured information, or data stored electronically in a computer system or server. A database is usually controlled by a database management system (DBMS) and can be hosted across different platforms both in-house based and or in the Cloud as a service. Online credit card fraudulent increasingly costing the banks, financial institutions, and credit card companies with billions of dollars every year. Currently, criminals can purchase stolen credit card data online and create their own plastic cards loaded with the stolen information. They can also steal physical cards and replace the data stored on the magnetic stripe at the back of the card. Hence, to proactively detect and mitigate those fraud trends, Machine Learning (ML) models can analyze any transaction details in real time and able to classify a given transaction as legitimate or fraudulent to mitigate banking financial loss. Please perform the following tasks: 1- Identify and briefly describe the ML applications used for credit card fraud detection. 2- Select two of the ML applications used in preventing fraudulent transactions. 3- Critically analyze and highlight the factors that gives one technique edge over the other in terms of fraud detection. Assignment and Submission guidelines: 1. Write between 1500-2000 words essay on the assigned topic by supporting references. 2. Refer to scholarly articles and appropriate resources by using Harvard referencing style for in text references and bibliography. 3. Your report should include the criteria mentioned in following rubrics. 4. Prepare a five to seven minutes presentation discussing the sections of the essay you have written. The presentation should be a summary of your essay. Database is an organized collection of structured information, or data stored electronically in a computer system or server. A database is usually controlled by a database management system (DBMS) and can be hosted across different platforms both in-house based and or in the Cloud as a service. Online credit card fraudulent increasingly costing the banks, financial institutions, and credit card companies with billions of dollars every year. Currently, criminals can purchase stolen credit card data online and create their own plastic cards loaded with the stolen information. They can also steal physical cards and replace the data stored on the magnetic stripe at the back of the card. Hence, to proactively detect and mitigate those fraud trends, Machine Learning (ML) models can analyze any transaction details in real time and able to classify a given transaction as legitimate or fraudulent to mitigate banking financial loss. Please perform the following tasks: 1- Identify and briefly describe the ML applications used for credit card fraud detection. 2- Select two of the ML applications used in preventing fraudulent transactions. 3- Critically analyze and highlight the factors that gives one technique edge over the other in terms of fraud detection. Assignment and Submission guidelines: 1. Write between 1500-2000 words essay on the assigned topic by supporting references. 2. Refer to scholarly articles and appropriate resources by using Harvard referencing style for in text references and bibliography. 3. Your report should include the criteria mentioned in following rubrics. 4. Prepare a five to seven minutes presentation discussing the sections of the essay you have written. The presentation should be a summary of your essay.

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1 Machine Learning Applications used for Credit Card Fraud Detection Credit card fraud detection is an important task in preventing financial losses for banks financial institutions and credit card co... View the full answer