System and method for detecting a fraudulent activity on a digital platform

A system for detecting a fraudulent activity on a digital platform for a current event, the system comprising:

• an identification unit [102], configured to identify, an occurrence of the current event on the digital platform;
• a transceiver unit [104], configured to receive, one or more sequences based on the occurrence of the current event, wherein each sequence of the one or more sequences comprises of one or more time-ordered events performed on a set of pivots and each sequence of the one or more sequences is associated with a unique event type, wherein each time-ordered event from the one or more time-ordered events comprises one or more attributes;
• a processing unit [106], configured to determine, an occurrence signature for one or more attributes of each sequence, wherein the occurrence signature is based on the one or more time-ordered events of a corresponding sequence;
• and
• a sub-system [108], configured to determine, at least one of an interim fraud score and an interim latent representation of each sequence, wherein at least one of the interim fraud score and the interim latent representation of each sequence is based at least on the occurrence signature for the one or more attributes in the corresponding sequence, the one or more attributes in the corresponding sequence, and one or more positional attributes in the corresponding sequence, wherein the processing unit [106] is further configured to:
• generate, a fraud score of the current event based at least on:
• the at least one of the interim fraud score and the interim latent representation of each sequence, and one or more domain specific features associated with the current event, and detect, the fraudulent activity on the digital platform based on the fraud score of the current event.