A Novel Hidden Markov Model for Credit Card Fraud Detection
Nowadays the customers prefer the most accepted payment mode via credit card for the convenient way of online shopping, paying bills in easiest way. At the same time the fraud transaction risks using credit card is a main problem which should be avoided. There are many data mining techniques available to avoid these risks effectively. In existing research they modeled the sequence of operations in credit card transaction processing using a Hidden Markov Model (HMM) and shown how it can be used for the detection of frauds.