Analysis of Various Credit Card Fraud Detection Techniques

Credit card frauds are on the rise and are getting smarter with the passage of time. Usually, the fraudulent transactions are conducted by stealing the credit card. When the loss of the card is not noticed by the cardholder, a huge loss can be faced by the credit card company. A very little amount of information is required by the attacker for conducting any fraudulent transaction in online transactions. For buying products and services online, the Internet or telephone devices are used. In some cases, the pattern in which transactions are done by the user is the only way through which it is possible to know that the card is stolen. A fraud detection method needs to be applied to reduce the rate of successful credit card frauds. This research work is based on the prediction of fraudulent credit card transactions. In this paper, various techniques for the credit card fraud detection are reviewed in terms of certain parameters.