A Critical review of Credit Card Fraud Detection Techniques

Credit card fraud is one of the most important threats that affect people as well as companies across the world, particularly with the growing volume of financial transactions using credit cards every day. This puts the security of financial transactions at serious risk and calls for a fundamental s...

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Bibliographic Details
Published in2020 11th IEEE Annual Ubiquitous Computing, Electronics & Mobile Communication Conference (UEMCON) pp. 0732 - 0736
Main Authors Al Smadi, Baker, Min, Manki
Format Conference Proceeding
LanguageEnglish
Published IEEE 28.10.2020
Subjects
Bankruptcy
Biological neural networks
Companies
Credit card
Credit card fraud
Credit cards
Decision trees
E-Commerce
fraud detection
Fraud detection techniques
Genetic algorithms
Hidden Markov models
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Summary:Credit card fraud is one of the most important threats that affect people as well as companies across the world, particularly with the growing volume of financial transactions using credit cards every day. This puts the security of financial transactions at serious risk and calls for a fundamental solution. In this paper, we discuss various techniques of credit card fraud detection techniques that provide enhanced protection for credit card systems against a variety of frauds. We also compare these techniques in terms of accuracy, time, and cost, and outlined potential strengths and weaknesses to provide a guideline to choose the right technique.
DOI:10.1109/UEMCON51285.2020.9298075