Credit Card Fraud Detection Using Machine Learning Algorithms

Abstract: The digital world is gaining popularity because of seamless, easy, convenience and wide use of e-commerce. It helps pay bills quickly at just a click. People choose online payment and e-shopping as it saves time, it is convenient, etc. As the result of huge amount of e-commerce use, there is a vast increase in credit card fraud also. Fraudsters try to misuse the card and transparency of online payments and cheat innocent people. Hence, to avoid these frauds from happening this study is necessary. The main aim is to secure credit card transactions; so people can use e-banking safely and easily without fear. To detect the credit card fraud there are various techniques which are based on Deep learning, Logistic Regression, Naive Bayesian, Support Vector Machine (SVM), Neural Network, Artificial Immune System, K Nearest Neighbour, Data Mining, Decision Tree, Fuzzy logic based System, Genetic Algorithm etc.[1]

Keywords: Frauds, Digital, E-banking, Machine Learning.