A Novel Algorithm For Credit Card Fraud Detection Using Machine Learning
Volume: 13 - Issue: 07 - Date: 28-07-2024
Approved ISSN: 2278-1412
Published Id: IJAECESTU413 | Page No.: 119-125
Author: Wajda Tabassum
Co- Author: Dr. Pankaj Richhariya
Abstract:-Credit card fraud has emerged as a major challenge for financial institutions and cardholders across the globe,
resulting in considerable financial losses and breaches of personal data. Traditional rule-based approaches to fraud detection
often fail to keep pace with the increasingly sophisticated methods employed by fraudsters. Recently, artificial intelligence (AI)
techniques have gained recognition as effective tools for combating credit card fraud, owing to their capability to process large
datasets and adapt to evolving fraud patterns.
This study introduces an innovative AI-driven system for credit card fraud detection. The system harnesses the power of machine
learning, specifically deep learning algorithms, to scrutinize transactional data and detect fraudulent activity in real-time. It
draws on an extensive set of features derived from transaction characteristics, such as the amount, merchant details, transaction
timing, and cardholder information.
Key Words:-Credit Card, Fraud Detection, Machine Learning, CNN, XGBoost
Area:-Engineering
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