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 The F1 score is a measure of the harmonic mean of precision and recall, which are both important for fraud detection. Precision is the ratio of true positives to all predicted positives, and recall is the ratio of true positives to all actual positives. A high F1 score indicates that the classifier can correctly identify fraudulent transactions and avoid false negatives. The true positive rate is another name for recall, and it measures the proportion of fraudulent transactions that are correctly detected by the classifier. A high true positive rate means that the classifier can capture as many fraudulent transactions as possible.

Fraud Detection Using Machine Learning | Implementations | AWS Solutions

Detect fraudulent transactions using machine learning with Amazon SageMaker | AWS Machine Learning Blog

1. Introduction — Reproducible Machine Learning for Credit Card Fraud Detection

 The business problem of predicting whether a new credit card applicant will default on a credit card payment can be framed as a binary classification problem. Binary classification is the task of predicting a discrete class label output for an example, where the class label can only take one of two possible values. In this case, the class label can be either “default” or “no default”, indicating whether the applicant will or will not default on a credit card payment. A binary classification model can return the probability that a given applicant belongs to each class, and then assign the applicant to the class with the highest probability. For example, if the model predicts that an applicant has a 0.8 probability of defaulting and a 0.2 probability of not defaulting, then the model will classify the applicant as “default”. Binary classification is suitable for this problem because the outcome of interest is categorical and binary, and the model needs to return the probability of each outcome.

AWS Machine Learning Specialty Exam Guide

AWS Machine Learning Training - Classification vs Regression in Machine Learning

To comply with the company’s security requirement that SageMaker notebook instances must not have internet connectivity, the most secure and recommended approach is to use VPC interface endpoints (AWS PrivateLink) for connecting SageMaker to other AWS services such as Amazon S3, without requiring internet access or a NAT Gateway.

Exact Extract from Amazon SageMaker documentation:

“You can connect to your notebook instance from your VPC through an interface endpoint in your Virtual Private Cloud (VPC) instead of connecting over the public internet. When you use a VPC interface endpoint, communication between your VPC and the notebook instance is conducted entirely and securely within the AWS network.”

Further security can be enforced using IAM and security group restrictions:

“To restrict access to only connections made from within your VPC, create an AWS Identity and Access Management (IAM) policy that restricts access to only calls that come from within your VPC. Then add that policy to every AWS Identity and Access Management user, group, or role used to access the notebook instance.”

Also:

“Use VPC endpoints to keep traffic between your VPC and SageMaker in the AWS network. This is especially useful when your notebook instances or endpoints don’t have internet access.”

By configuring interface VPC endpoints and controlling security groups and IAM policies appropriately, the SageMaker notebook instances can operate without any internet connectivity, meeting the company’s policy securely and effectively.