Open AccessA TOOL FOR EFFECTIVE DETECTION OF FRAUD IN CREDIT CARD SYSTEM
Author(s) -
Satvik Vats,
Surya Kant Dubey,
Naveen Pandey
Publication year - 2013
Publication title -
international journal of communication networks and security
Language(s) - English
Resource type - Journals
ISSN - 2231-1882
DOI - 10.47893/ijcns.2013.1062
Subject(s) - credit card fraud , credit card , payment , atm card , card security code , computer science , credit card interest , matching (statistics) , business , computer security , finance , statistics , mathematics
Due to the rise and rapid growth of E-Commerce, use of credit cards for online purchases has dramatically increased and it caused an explosion in the credit card fraud. Fraud is one of the major ethical issues in the credit card industry. As credit card becomes the most popular mode of payment for both online as well as regular purchase, cases of fraud associated with it are also rising. In real life, 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 mining, Fuzzy logic, Machine learning, Sequence Alignment, Genetic Programming etc., has evolved in detecting various credit card fraudulent transactions.