Performance Analysis of Various Credit Card Fraud Detection Approaches: a Review

A lot of transactions occur in banking sector due to day to day operations. E-Commerce is widely used in busy life. In E-commerce life, credit card transactions are increasing day by day. This will increase in frauds in credit card. Credit card fraud is a major problem in financial industry. Many technologies have been developed to reduce the fraud in credit card such as data mining fuzzy logic, machine learning genetic programming, sequence alignment, markov model etc. The primary motive of this paper is to survey the approaches which are used for detecting fraud in credit card and also evaluate each methodology based on certain design criteria. The use of these techniques will help to distinguish the credit card transactions into two types as legitimate and fraudulent transactions.