Today, one-fourth of the customers are a victim of online fraud, with 24% directly experienced fraud with online transactions. With about 90% Indian digital service consumers, 50% are comfortable sharing the data with banks while 51% shares data to avail services. With the advancement of the credit card business, credit card fraud is also increasing. Payment card fraud is causing losses in millions of Rupees for the card industry. It is not only hurting the consumers, but the industry is affected as well by the loss of consumer confidence in the brand. Due to huge property damage brought by fraud to the investors, hundreds of researches have been conducted to prevent and detect this problem using Data mining methods. Data mining is a technique of examining already existing databases to find patterns and extracting useful information for the business. Various systems using techniques like Hidden Markov Method, Neural Networks and Dynamic key generation has been discussed. A system has been proposed using Associative Rule mining, Clustering and Outliers.
CITATION STYLE
Maheshwari, D. (2020). Payment Card Fraud Detection with Data Mining: A Review. In Lecture Notes in Electrical Engineering (Vol. 601, pp. 1579–1589). Springer. https://doi.org/10.1007/978-981-15-1420-3_164
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