Credit Card Fraud Detection Process and Techniques
Real-Time Fraud Detection requires time between transactions, History of transactions, custom transaction behavior. Fraud detection involves identification of vulnerabilities, finding hidden defects, detection of transactions and evaluation of workloads.
Steps for Credit Card Fraud Detection
- Fraud Cleaning including Credit Card Number, CVV, address, phone number.
- Data Extraction using training dataset, testing, and cross-validation through predictions.
- Build Models using Logistic Regression, Decision Tree, Random Forest, and Neural Networks.
- Feature Engineering
- Streaming Data Ingestion
- Real-Time Fraud Prediction using Spark Streaming
- Storage of Credit Card Events
Benefits of Fraud Detection
- Availability of online alerts to detect any suspicious activity on the card.
- Better Analytics and Predictive Forecasts.
- Fights Phishing, Travel Smart and Safe, Stay Safe Online.