Credit Card Fraud Detection Techniques: A Comparative Analysis
Md. Ekramul Islam, Tanpia Tasnim, Md. Yasir Arafat, Al-Zadid Sultan Bin Habib · 2022
In recent times, credit card payments are playing a crucial role in our day-to-day life applications. Despite its advantages, it also has certain fraud transaction challenges. Detection of fraudulent behavior demands high precision which might differ as per the payment method, country, and population segment. To achieve high precision of fraud detection existing resources should be reused smartly to remodel them in a divergent state of affairs given the big budget conventional systems. This paper explores several Machine Learning (ML) ensemble algorithms to monitor how accurate and precise they have been in detecting whether a transaction is a normal payment or a fraudulent one. Then the existing algorithms are compared with different performance evaluation parameters.