Credit Card Fraud Detection Using Advanced Machine Learning Techniques

The world is witnessing rapid growth in Ecommerce and hence in the use of plastic money and with this dramatic increase in card uses there is an explosion in credit card fraud. With the number of credit card users, fraud cases are also rising. In real case scenarios, the fraudulent transaction is intermixed with the genuine transaction so simpler ways like pattern matching are not good to detect these frauds. Execution of an accurate and effective fraud detecting system is of major importance to all financial card issuing bodies. Several ways are based on approximate reasoning, AI, Data mining, sequence alignment that is identifying regions of similarities, inheritable programming, etc, which are highly used in the detection of these credit card frauds. An innovative approach and a clear understanding of these technologies will help design better systems for credit card detection.