A review of Credit card Fraud Detection techniques in e-commerce
Journal Title:Academic Journal of Forensic Science
With the rise and light growth in e – commerce, the use of credit card for online transactions is also increasing dramatically. Due to this there is a great amount of increase in credit card frauds for which there is a requirement of various detection techniques for determining the fraudulent transactions. Frauds can either be offline or online for regular purchases, credit card is used as a mode of payment. Fraud is considered as the most ethical issue in credit card frauds and it is a million dollar business which is rising every year. Recent advances in techniques based on Data mining, Algorithm system (Genetic algorithm, Artificial Algorithm), Machine learning, Hidden Marokov model are the modern techniques that are introduced for detecting credit card fraudulent transactions. This paper reviews all the fraud detection techniques which have some advantages and disadvantages as well. As according to the study Hidden Markov model and Data mining techniques are considered as the best suitable techniques and may be considered over other techniques successfully. Key Words: Credit card, fraud detection, Data mining, Hidden Markov model, and e –commerce.