ABSTRACT

This paper presents one of the approaches of data mining for detection of fraudulent transactions in retail banking in real time scenario. The fraudulent transactions should be detected at real time out of enormous number of retail transactions being carried out simultaneously by the bank and blocked by the system to prevent the losses before they occur, sent for verification at a higher level where its authenticity should be proved or otherwise the transaction will be blocked from execution and further action will be carried out like reporting of transaction etc.