Understanding Credit Card Fraud Detection
Online Shopping is a fast-growing trend. Mode of payments involving Credit Card, Debit Card and Net Banking are prone to frauds. Credit Card Fraud occurs Online as well as Offline. Hackers don’t leave a chance to steal information and breach security. Evasion can be bankruptcy, behavioral, application or theft.
Challenges for Credit Card Fraud Detection
- Fraud Detection transactions are rare and represent a small fraction of total transactions within an organization.
- Analyze past credit card transactions with fraud ones.
Solution Offered for Enabling Fraud Detection with Deep Learning
- Fraud Detection Model follows Random Forest algorithm which takes hundreds of decision trees and aggregates and builds the model that to avoid overfitting due to class imbalance.
- Analysis of at least 20-50 last transactions of the customer is done to identify an underlying pattern.
- Python and Machine Learning used to build the model.