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A Review Of Credit Card Fraud Detection Techniques In Electronic Finance And Banking
Subject area: Science,Engineering and Technology · Area of research: Computer Science/Engineering
Abstract
The growing innovation in technology has been exploited in the finance/banking sector in the form of electronic commerce (e-commerce). Financial transaction is the backbone of global market. Rather than make transaction conventionally, cashless transaction is being done in recent times using credit cards. The credit card transaction uses electronic technology to make commerce easy, and its use for such purposes has increased. However, credit card being the most common means of payment in the society today, has witnessed increased number of fraud cases. In order to reduce or solve the problems of fraud cases related to credit card transactions, several methods have been proposed and implemented in literature and real-world. This paper discussed some of the recent fraud detection techniques that have been developed to identify and detect fraudulent cases of credit card transactions. Since fraud detection consist of detecting fraud as soon as possible once it is done, the various models developed are built to provide fast response, accuracy, high degree of sensitivity, effectiveness and efficiency. These techniques have their individual benefits and limitations. However, it is recommended that a hybrid model with robust and optimal performance that combines various be used for fraud detection in finance/banking. The paper has also presented observed challenges of credit card techniques.
Keywords
Credit card transaction, cashless transaction, e-commerce, Fraud detection techniques
How to cite this paper
@article{1701528,
author = {Chilaka, U. L., G. A. Chukwudebe, Bashiru, A.},
title = {A Review Of Credit Card Fraud Detection Techniques In Electronic Finance And Banking},
journal = {Iconic Research And Engineering Journals},
year = {2019},
volume = {3},
number = {2},
pages = {456-467},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1701528.pdf},
abstract = {The growing innovation in technology has been exploited in the finance/banking sector in the form of electronic commerce (e-commerce). Financial transaction is the backbone of global market. Rather than make transaction conventionally, cashless transaction is being done in recent times using credit cards. The credit card transaction uses electronic technology to make commerce easy, and its use for such purposes has increased. However, credit card being the most common means of payment in the society today, has witnessed increased number of fraud cases. In order to reduce or solve the problems of fraud cases related to credit card transactions, several methods have been proposed and implemented in literature and real-world. This paper discussed some of the recent fraud detection techniques that have been developed to identify and detect fraudulent cases of credit card transactions. Since fraud detection consist of detecting fraud as soon as possible once it is done, the various models developed are built to provide fast response, accuracy, high degree of sensitivity, effectiveness and efficiency. These techniques have their individual benefits and limitations. However, it is recommended that a hybrid model with robust and optimal performance that combines various be used for fraud detection in finance/banking. The paper has also presented observed challenges of credit card techniques.},
keywords = {Credit card transaction, cashless transaction, e-commerce, Fraud detection techniques},
month = {August},
}