Banking organizations use it to monitor a considerable amount of transaction parameters at once for every account in real time. The algorithm examines historical payment data and analyses every cardholder’s action. Fraud detection involves monitoring and analysis of the user activity to find any usual or malicious pattern. Such models can be highly prominent and prevent some suspicious behavior with a rather big precision. Apart from spotting fraudulent behavior with high accuracy, ML-powered technology is also equipped to identify suspicious account behavior and prevent fraud in real-time instead of detecting them after the crime has already been committed.