Javascript must be enabled to continue!
Credit Card Fraud Detection using Deep Learning and Machine Learning Algorithms
View through CrossRef
Use of credit card is very common these days. And the number of frauds related to credit cards are also increasing. With the increase in the usage of internet, many organizations have shifted their work from offline to online. Same is the case with financial department. On one side, this thing has increased the ease of people but on the other hand, number of frauds have been tremendously increased. On one side, people are doing shopping without cash, paying bills without standing in long queues, doing booking online and on the other side fake accounts, scamming, credit card frauds have been increased resulting in huge amount of loss to financial system every year. Fraud is a criminal activity done by un authorized person. Credit card frauds are very common these days. There are many types of credit card frauds. Sometime they do fake calls or messages and sometimes they steal customer’s online information. Many techniques using machine learning models have been implemented in order to stop these types of frauds. But fraudsters are sometimes by pass theses traditional protective systems and make successful transaction. Traditional machine learning models are not capable enough to detect frauds using sequence of data. For this purpose, neural networks are recently used. In this paper, six machine learning algorithms are applied. Among them Random Forest and Extra trees classifier are best. And in case of neural networks, long short-term memory LSTM is best. Obtained results outperform the existed work that have been previously done in this field.
Title: Credit Card Fraud Detection using Deep Learning and Machine Learning Algorithms
Description:
Use of credit card is very common these days.
And the number of frauds related to credit cards are also increasing.
With the increase in the usage of internet, many organizations have shifted their work from offline to online.
Same is the case with financial department.
On one side, this thing has increased the ease of people but on the other hand, number of frauds have been tremendously increased.
On one side, people are doing shopping without cash, paying bills without standing in long queues, doing booking online and on the other side fake accounts, scamming, credit card frauds have been increased resulting in huge amount of loss to financial system every year.
Fraud is a criminal activity done by un authorized person.
Credit card frauds are very common these days.
There are many types of credit card frauds.
Sometime they do fake calls or messages and sometimes they steal customer’s online information.
Many techniques using machine learning models have been implemented in order to stop these types of frauds.
But fraudsters are sometimes by pass theses traditional protective systems and make successful transaction.
Traditional machine learning models are not capable enough to detect frauds using sequence of data.
For this purpose, neural networks are recently used.
In this paper, six machine learning algorithms are applied.
Among them Random Forest and Extra trees classifier are best.
And in case of neural networks, long short-term memory LSTM is best.
Obtained results outperform the existed work that have been previously done in this field.
Related Results
Credit Card Fraud Detection Using State-of-the-Art Machine Learning and Deep Learning Algorithms
Credit Card Fraud Detection Using State-of-the-Art Machine Learning and Deep Learning Algorithms
People can use credit cards for online transactions as it provides an efficient and easy-to-use facility. With the increase in usage of credit cards, the capacity of credit card mi...
Advanced frameworks for fraud detection leveraging quantum machine learning and data science in fintech ecosystems
Advanced frameworks for fraud detection leveraging quantum machine learning and data science in fintech ecosystems
The rapid expansion of the fintech sector has brought with it an increasing demand for robust and sophisticated fraud detection systems capable of managing large volumes of financi...
Some legal issues about credit cards in Vietnam - Compare with US law provisions
Some legal issues about credit cards in Vietnam - Compare with US law provisions
Credit card service is a relatively special type of service. In essence, the specialness of this type of business is expressed in the fact that credit institutions have combined th...
Using data mining techniques to improve the detection of credit card fraud
Using data mining techniques to improve the detection of credit card fraud
The financial industry is constantly under threat in the fight against financial fraud, requiring for strong protection. Data mining emerges as a crucial technique for detecting cr...
Credit Card Fraud Detection
Credit Card Fraud Detection
Credit card fraud poses a significant threat globally, impacting both individuals and businesses. Leveraging machine learning techniques for fraud detection is a powerful strategy,...
Enhancing fraud detection in accounting through AI: Techniques and case studies
Enhancing fraud detection in accounting through AI: Techniques and case studies
The integration of artificial intelligence (AI) into accounting has significantly transformed the landscape of fraud detection. Traditional methods, while effective to some extent,...
The Economics of Credit Cards
The Economics of Credit Cards
The skyrocketing bankruptcy filing rates of recent years are well known. Some commentators and scholars have charged that the cause of the bankruptcy boom has been promiscuous lend...
Enhanced Credit Card Fraud Detection: A Novel Approach Integrating Bayesian Optimized
Random Forest Classifier with Advanced Feature Analysis and Real-time Data Adaptation
Enhanced Credit Card Fraud Detection: A Novel Approach Integrating Bayesian Optimized
Random Forest Classifier with Advanced Feature Analysis and Real-time Data Adaptation
In the financial industry, credit card fraud is a widespread issue that costs both individuals and businesses a lot of money. Using their capacity to spot patterns and abnormalitie...

