A Research Paper on the Detection of Credit Card Fraud Using Machine Learning

Abstract

Financial organisations, businesses, and customers are all very concerned about credit card theft. Both financial losses and reputational harm could be severe. By analysing huge datasets and finding patterns and anomalies that may signal fraudulent actions, machine learning is a potent technique that may be used to detect credit card fraud. Algorithms that use machine learning can spot unexpected spending patterns, such as purchases that diverge from a customer's customary patterns or those that are made in peculiar places. They can also spot suspect patterns of behaviour, such multiple transactions occurring quickly or transactions using credit card data that has been compromised.