Survey Paper on Credit Card Fraud Prediction using Machine Learning Algorithm

Abstract

The advent of e-commerce has resulted in many online transactions, which in turn has led to many security issues. Online payments or electronic payments are provided with maximum security, even though, like every invention by human, is not free from flaws. E-payments are still a most popular mode of transaction, hence attracts suppliers and customers alike. Hence effective means of combating the online threats is the need for the day. One of the major e-transactions that face these threats is the credit/debit cards. Of the security issues facing banks everywhere, prevention of credit cards frauds has always been a high priority credit card frauds come in several ways. In this research, we have been told the credit card fraud and the techniques used to reduce that fraud. A number of techniques have been created to prevent fraud from the credit card, which can reduce the fraud. But along with reducing the fraud there are some drawbacks, advantages, characteristics with these techniques. There are many techniques such as different machine learning algorithm by which fraud is detected and removed.