AN EFFECTIVE APPROACH TOWARDS CREDIT CARD DECEPTION DISCOVERY METHODS

Abstract- Credit card deception is an inclusive word for theft and fraud dedicated using a credit card or any similar payment mechanism as a deceptive source of funds in a transaction. Use of credit cards for online purchases has significantly increased due to the increase and quick growth of E-Commerce and it caused a sudden increase in the credit card deception. Cases of deception connected with it are also growing as credit card and becomes the majority popular mode of payment for both online as well as regular purchase. In real life, to perceive the deceptions exactly, deceptive connections are scattered with authentic connections and simple pattern matching techniques are not often adequate. Implementation of proficient deception discovery methods has thus become essential for all credit card issuing banks to reduce their losses. Many recent methods based on Artificial Intelligence have developed in discovering a variety of credit card deceptive transactions. Based on certain design criteria, a variety of techniques are used in credit card deception discovery mechanisms which are evaluated by each methodology.