How can Python be used in Fraud detection in FinTech/Banking sector?

Question

How can Python be used in Fraud detection in FinTech/Banking sector?

Answer 1

May Thazin Nyein ,

did you try to use google search with :

``How can Python be used in Fraud detection in FinTech/Banking sector``

Answer 2

Hey May Thazin Nyein,

You can use algorithm to detect unusual patterns e.g. Random Forest, XGBoost, or Neural Networks. Also libraries like Scikit-learn and PyOD can also help spot outliers in transactions.

For deeper technical steps (e.g. model training, feature engineering, etc.), you can Google—there are tons of tutorials and case studies!

Answer 3

How?
It can be used to analyze money inputs and outputs and detect any sort of irregularity, it can also be used to detect any accounts that are receiving parts amounts of money from multiple accounts which could indicate scamming, fraud, money laundering, or other financial crimes. Python is a back end language which makes it well suited for data analysis and statistics