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Literature review on credit card fraud detection


Fraud is one of the major ethical issues in the credit card industry. The main aims are, firstly, to identify the different types of credit card fraud, and, secondly, to review alternative... As the Card transaction increases the rate of fraudsters will also grow concurrently. Credit Card Fraud Detection (CCFD) is a challenging research undergone by the research community as the fraudsters change their behavioral pattern now and then which becomes an alarm for the banks to set a solution. Credit Card fraud is the fraud committed by the use of another persons credit card. To support safe credit card usage an efficient fraud detection system is essential. Presently, many modern techniques based on Artificial Intelligence, Sequence Alignment, Data Mining, Fuzzy Logic, Machine Learning, Genetic Programming etc. has been introduced for detecting various. Mining algorithms were used to detect fraud, but they failed miserably.


We use machine learning methods to detect fraud in credit card transactions in. Conclusion. The credit card fraud detection methods have gained popularity in the past decade with the evolution of statistical model, machine-learning algorithms, data mining techniques. The fraud transactions prediction has feature. A Review on Credit Card Fraud Detection Techniques – IJERT Credit Card Fraud Detection: A Systematic Review | SpringerLink Credit Card Fraud Detection Case Study: Improving Safety and Customer Credit Card Fraud Detection: A Systematic Review | SpringerLink This review intends to present the research studies accomplished on Credit Card Fraud Detection (CCFD) by highlighting the challenge of class imbalance and. Credit Card Fraud Detection Dataset The platform is an e-commerce and financial service app serving 12,000+ customers daily. This dataset included a sample of approximately 140,000 transactions that occurred between October 2018 and April 2019. One of the fraud detection challenges is that the data is highly imbalanced. The properties for a good fraud detection system are: 1. Should identify the frauds accurately. 2. Should detect the frauds quickly. 3. Should not classify a genuine transaction as fraud. Outlier detection is a critical task as outliers indicate abnormal running conditions from which significant performance degradation may happen.


In payment industry, credit card fraud detection aims to decide whether a transaction is fraudulent or not based on historical data [ 3 ]. The decision is extremely challenging because of the following raisons: 1. Fraudsters continuously invent novel fraud patterns, especially those that they use to adapt to fraud detection techniques. 2. the context of the credit card business; section 2 reviews the main types of credit card fraud; section 3 discusses detection techniques; and, finally, the last section concludes the paper. 1. Terms Credit is a method of selling goods or services without the buyer having cash in hand. A credit card is only an automatic way of offering credit to a Credit card fraud Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another accou


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Literature review on credit card fraud detection

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