54. Explain fraud detection in AI?

Artificial intelligence can help in fraud detection using different machine learning algorithms. Steps used in fraud detection using machine learning are:

• Firstly, Data extraction. In this, the data is collected using a survey or with web scraping tools. The data collection is based on the type of model we want to create. 
• Secondly, Data Cleaning. In this step, the irrelevant data is eliminated.
• Thirdly, data exploration and analysis. In this step, we need to find out the relation between different predictor variables.
• Lastly, Building Models. In the last step, we create the model using different machine learning algorithms depending on the business requirement.