Survey on Credit Card Fraud Detection Methods

Abstract

Abstract — Due to a rapid advancement in the electronic commerce technology, the use of credit cards has increased. As credit card becomes the most popular mode of payment for both online as well as regular purchase, cases of credit card fraud also rising. Financial fraud is increasing significantly with the development of modern technology and the global superhighways of communication, resulting in the loss of billions of dollars worldwide each year. The fraudulent transactions are scattered with genuine transactions and simple pattern matching techniques are not often sufficient to detect those frauds accurately. Implementation of efficient fraud detection systems has thus become imperative for all credit card issuing banks to minimize their losses. Many modern techniques based on Artificial Intelligence, Data