Internet of Things and the Credit Card Market: How Companies Can Deal with the Exponential Increase of Transactions with Connected Devices and Can Also be Efficient to Prevent Frauds

Abstract

Communication devices like cell phones, refrigerators, TVs, and others have been considered lately as some Internet of Things (IoT) components, mainly due to the embedded systems evolution and web connectivity. During the first semester of 2014, at the Brazilian Aeronautics Institute of Technology (Instituto Tecnologico de Aeronautica -- ITA), a successful Interdisciplinary Problem Based Learning (IPBL) experience took place. At that time, almost 60 graduate students from three different courses (CE-229 Software Testing, CE-240 Database System Project, and CE-245 Information Technologies), within just 17 academic weeks, had the opportunity to conceptualize, model, and develop a system prototype to capture, store, and analyze credit card transactions. This system, named BDIT-C2 (Big Data, Internet of Things, and Credit Cards), has used an Application Programing Interface to enable communication devices to make purchases, allowing e-commerce through a web portal where fraud analysts could monitor all suspicious transactions.