Analysis and Design of Fraud Detection and Prevention Techniques in Card Based Financial System

Abstract

Fraud plays a leading role in most aspects of social and economical life newlineworldwide. The payment card industry has grown rapidly in the last few years. The entire newlinebusiness, towards online services delivering e-commerce, information and newlinecommunication services for the purpose of allowing their customers better proficiency newlineand convenience. Irrespective of site, consumers can make the same purchases as they newlinepreviously done on the desk . The advancement is a big step forward for the efficiency, newlineaccessibility and profitability point of view but it also has some drawbacks. The newlineexpansion of modern technology resulted in the facilitation of our daily activities, but newlinerendered our lives more vulnerable to fraud attacks. Intense financial pressure during the newlineeconomic crisis has also, led to a bulge in fraud and increasing number of victims. newlineThough the detection of fraud has been the crucial research area but prevention is newlinealways better than cure. The economical impact of fraud made fraud prevention and newlinedetection a dire necessity. Fraud detection theoretical background stems from scientific newlinefields, such as data mining, machine learning, artificial intelligence and statistics. newlineMoreover, several academic studies have indulged in the research of various promising newlinefraud techniques, with a view to encounter the evolving nature of fraud. newlineOur work progress hand in hand with financial fraud prevention and detection in newlinecard based application. The proposed fraud detection and prevention solution aims at newlineoffering a inline robust fraud detection system with improved performance, constituting a newlinesubject for research. Our Emphasis should be incorporate Data mining and AI techniques newlineto prevent and detect the fraud. newline