In recent times, machine learning has begun to profoundly revolutionize various industries by replacing human cognitive tasks with advanced technologies. This transformation is noticeable across a broad spectrum of sectors. The financial industry, in particular, has witnessed a notable shift, with machine learning being employed for numerous critical functions such as forecasting stock prices, refining investment tactics, and augmenting customer service through chat bots and tailored financial guidance. Among the most vital applications of machine learning in finance is its role in fraud detection and the classification of financial market risks. This sector concentrates on pinpointing and categorizing potential risks that may lead to fraudulent behaviors, thereby safeguarding financial assets and upholding the integrity of financial systems. Noteworthy strides made by artificial intelligence (AI) experts and researchers in this domain have resulted in the creation of sophisticated models capable of analyzing extensive volumes of transactional data in real-time, enabling the identification of anomalies, patterns, and behaviors indicative of fraudulent activities.