A Revived Survey of Various Credit Card Fraud Detection Techniques?

As there is a vast advancement in the E-commerce technology, the use of credit cards has grown up. The credit card has become the crucial mode of payment so with the rise in the credit card transactions, the credit card frauds have also become frequent nowadays. [1] Thus, an improved fraud detection system has become essential to maintain the reliability of the payment system. The criterion is to assure secured transactions for credit card owners so that they can make electronic payment safely for the services and goods which are provided on internet. In an e-bank many transactions undergo simultaneously, so a fraud detection system should distinguish between legitimate, suspicious fraud and an illegitimate transaction.[4] There are many modern and new techniques which are based on Neural Network, Artificial Intelligence, Bayesian Network, Data mining, Artificial Immune System, K- nearest neighbor algorithm, Decision Tree, Fuzzy Logic Based System, Support Vector Machine, Machine learning, Genetic Programming etc., that has developed in detecting various credit card fraudulent transactions. This paper represents a survey of various techniques which are used in credit card fraud detection mechanisms.