Robust Fraud Detection Mechanism

What is it about?

In today's world, fraud is one of the leading sources of significant financial consequences, not just for businesses but also for personal customers. The extraction of user profiles based on their past transaction data, and then determining whether or not an incoming transaction is a fraud based on their profiles, is an essential method of detecting fraud. The proposed blockchain method allows certified users to store, examine, and exchange digital data in a secure atmosphere, which aids in the development of trust, integrity, and visibility in online business relationships. Blockchain systematically analyzes the robustness of blockchain-based reputation systems, which focuses on the extraction and transmission to customers in a safe and trustworthy manner. Blockchain employs cryptographic hashes, which are produced from summarized shopping blocks that are signed and transmitted that provides a safe and secured online shopping for an highly efficient manner without any interference of third parties.

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Why is it important?

Fraud poses significant financial risks for both businesses and individual customers. Implementing effective fraud detection methods, such as user profile extraction and transaction analysis, is essential for mitigating potential losses and safeguarding financial assets. The proposed blockchain method offers a secure environment for storing, examining, and exchanging digital data. By leveraging cryptographic techniques and decentralized storage, blockchain enhances security and trust in online business relationships, reducing the risk of fraudulent activities

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