Credit Card Frauds and Modern Techniques for Its Detection and Prevention: A Review

Abstract

Credit is a technique that is used to sell goods or services to the buyer having no cash in hand. An automatic way to proffer credit to a client is a credit card. An identifying number is carried by each credit card which speeds shopping transactions. The main problem in the credit card industry is a Fraud. There are so many types of fraud. In order to prevent these frauds, many fraud detection techniques are used. In this paper, a general introduction to credit card fraud, types of fraud and fraud management developments are offered. In addition, an overview of the previous work done by many authors in this field is offered.