Summary
Sometimes, unverified information is disseminated as if it is true information on social media sites. Most of the times, it goes viral and affects the belief of people and their emotions. Rumors and fake news are the most popular form of false and unconfirmed information. Such news must be identified quickly for preventing its negative impact on society. In the last decade, operational procedures for rumors and false news detection came into existence. This paper provides a holistic view of different web waves from web 1.0 to web 5.0 and their usages. Further, taxonomy describes various malicious information contents at different stages. It discusses features used for classification, publicly available datasets, the rumor detection methods proposed during web 1.0, 2.0, 3.0, 4.0, 5.0 periods, and comprehensive analysis related to various methods and techniques. Numerous research gaps and future directions are illustrated to make online information more trustworthy for knowledge sharing and decision‐making purposes.