Pipeline integrity is an important area of concern for the oil and gas, refining, chemical, hydrogen, carbon sequestration, and electric-power industries, due to the safety risks associated with pipeline failures. Regular monitoring, inspection, and maintenance of these facilities is therefore required for safe operation. Large stand-off magnetometry (LSM) is a non-intrusive, passive magnetometer-based measurement technology that has shown promise in detecting defects (anomalies) in regions of elevated mechanical stresses. However, analyzing the noisy multi-sensor LSM data to clearly identify regions of anomalies is a significant challenge. This is mainly due to the high frequency of the data collection, mis-alignment between consecutive inspections and sensors, as well as the number of sensor measurements recorded. In this paper we present LSM defect identification approach based on machine learning (ML). We show that this ML approach is able to successfully detect anomalous readings using a series of methods with increasing model complexity and capacity. The methods start from unsupervised learning with "point" methods and eventually increase complexity to supervised learning with sequence methods and multi-output predictions. We observe data leakage issues for some methods with randomized train/test splitting and resolve them by specific non-randomized splitting of training and validation data. We also achieve a 200x acceleration of support-vector classifier (SVC) method by porting computations from CPU to GPU leveraging the cuML RAPIDS AI library. For sequence methods, we develop a customized Convolutional Neural Network (CNN) architecture based on 1D convolutional filters to identify and characterize multiple properties of these defects. In the end, we report scalability of the best-performing methods and compare them, for viability in field trials.