Credit Card Fraud Detection Using Machine Learning Techniques

Abstract

This is a systematic literature review to reflect the previous studies that dealt with credit card fraud detection and highlight the different machine learning techniques to deal with this problem. Credit cards are now widely utilized daily. The globe has just begun to shift toward financial inclusion, with marginalized people being introduced to the financial sector. As a result of the high volume of e-commerce, there has been a significant increase in credit card fraud. One of the most important parts of today's banking sector is fraud detection. Fraud is one of the most serious concerns in terms of monetary losses, not just for financial institutions but also for individuals. as technology and usage patterns evolve, making credit card fraud detection a particularly difficult task. Traditional statistical approaches for identifying credit card fraud take much more time, and the result accuracy cannot be guaranteed. Machine learning algorithms have been widely employed in the detection of credit card fraud. The main goal of this review intends to present the previous research studies accomplished on Credit Card Fraud Detection (CCFD), and how they dealt with this problem by using different machine learning techniques.