Silencing the Scammers: Effective Strategies in Credit Card Fraud Detection

Abstract

The amount of fraud has recently grown. This fraud includes your personal information or sensitive data, which someone can steal. Financial fraud is increasing significantly with the development of modern technology. Companies and financial institutions lose large amounts due to fraud. Fraud analytics combines big data analysis techniques with human interactions to help detect fraud. Credit card fraud is a pervasive and costly problem for individuals, businesses, and financial institutions worldwide. It involves the unauthorized use of someone's credit card information to make fraudulent transactions, leading to financial losses and potential harm to the cardholder's credit score. Detecting and preventing credit card fraud is a critical concern in the modern financial ecosystem, and it relies on advanced technologies and data analysis techniques.