Real Time Credit Card Fraud Detection using Computational Intelligence

Abstract

Online banking and e-commerce have been experiencing rapid growth over the past few years and show tremendous promise of growth even in the future. This has made it easier for fraudsters to indulge in new and abstruse ways of committing credit card fraud over the Internet. This paper focuses on real-time fraud detection and presents a new and innovative approach in understanding spending patterns to decipher potential fraud cases. It makes use of Self Organization Map to decipher, filter and analyze customer behavior for detection of fraud.