A Review of Credit Card Fraud Detection Techniques

Abstract

AbstractIn today’s world, people are more inclined towards online shopping and payment, which is leading to an increase in the number of credit card users worldwide. And in the result of that, fraudsters are also finding more opportunities for fraud activities. The credit card companies face a huge loss if these frauds go untraced. There is a need to have an efficient credit card fraud detection system that can detect these frauds and can give warning to the banks to avoid the fraud from happening. Many researchers have proposed models to solve this problem. These models use Data Science, Machine Learning or Deep Learning algorithms or their combinations to detect credit card frauds. This paper provides a comprehensive review of various fraud detection techniques used in the detection models proposed by many researchers, datasets used in their research work and the various evaluation parameters that are used by them for the performance evaluation of their models. And also discuss the challenges faced in fraud detection process.KeywordsFraud detectionData scienceMachine learningDeep learning