Introduction

Online money transfer is increasing & growing quickly across geographic & industries. Instantly as an emerging technology or process is deployed to prevent trickery, the impostor finds a weakness to accomplish or alternatively focus their notice elsewhere. Transactions done using online methods are very well liked these days. This thing is also a good profitable medium for financial institutions. This online money transfer system is cheaper when compared with the conventional banking system & it offers customers flexibility & comfort ability. It shows a wide number of advantages, including price value and time savings, increased sales and reduced transaction costs. But it is easily accessible to internet fraud and could potentially increase business expenses. Online payment scams is an unlawful operation, which occurs via the World Wide Web. The fraudsters have created different methods to embezzle and steal crucial information. Online parody & phishing are some of the ordinary remittance fraud types. These trikery are responsive to the increasing number of untruthful activities due to greater depth & breadth of facts collected from all e-banking & e-commerce websites, across the world. The detection systems for online banking require a compulsory protocol to prevent & detect fraud, also mitigate threats concerning unusual payment transaction patterns. Fraudulent activities & data breaches are growing revenue losses through millions of monetary transactions per day through several channels, owing to rise in digitalization & internet penetration. On the flip side, growth in the adoption of Artificial Intelligence (AI) & Machine learning (ML) to handle payment gateways is anticipated to fuel the rise of the online money fraud detection market over the forecast period. Consumers are now worried about the safety of their bank accounts, money & their private information to not be leaked. They are anticipating the bank & Cyber security expert to find a solution that can protect them from this payment fraud. The COVID-19 pandemic has begun & grown new avenues for imposters tricky to hood wick unsuspecting customers. Many purchasers have departed online payments for items extending from groceries to account payments due to reduction in movement placed to control the spread of the worm. A repercussion of this has been expanded frauds. There are different modes of payment: Money transfer through the computer machine. Automatic teller machine (ATMs). Various types of cards: Credit & Debit cards, Smart cards, Super Smart Cards, Optical Memory Cards, etc. Internet (Google pay, Paytm, Paypal, UPI (3rd party) & 8 Mobile wallets, Pay Later, e-Wallets. Crime associate with these modes of transfer of money are: 

• Diversion of money from rightful to fraudulent payee 

• Credit cards are copied & data misused or Credit cards are stolen

• Unauthorized person uses lost credit cards 

• White cards are used in place of originals

• Wires are tapped & necessary data stolen to operate ATMs account 

• Withdrawals & deposits are manipulated to other accounts 

Web based profession mainly depend on online transactions for their amenity & outcome delivered. Trickery that include trader & triangulation frauds, petty lancery, countermove, page jacking, clean & affiliate sharp practice occur during transaction. The biggest challenges faced by different administrations is the insufficiency of skilled resources to handle trickery activities, which is disturbing their ability to advance Information Technology security needs. Many firms hire security researchers & experts who dearth the appropriate expertise to recognize & analyses developed live through threats while experiencing a cyber-attack.