Fraud Detection in Retail using Anomaly Detection

Abstract

The focus of this report is on a system which is created for the fraud detection in the retail sector. It enables the retailers who are customers of this product to identify and investigate fraudulent activity quickly by keeping a check on data anomaly. The mechanism of this product automatically enerates alerts for the loss prevention analysts. These alerts are generated on the basis of potential risks that can arise depending upon the user defined rules. It also provides transaction insight, which helps to prove the potential risk which can lead to future losses in case on addresses seriously. This product not only starts adding value to the retailer, it also takes care that the staff of the retailers adhere to best retail practices. It eventually leads to increase in productivity of the retailer's company. This product's backbone is POS(Point of Sale) which is central point for the detection of fraudulent transactions and anomalies. There are reports which are being generated using AI and eventually detecting if the transaction is a fraud or not.