Date Added: Jun 2012
Recent decades have seen a gigantic expansion in the use of credit cards as a true transactional medium. Data mining is rising as one of the chief features of many homeland securityinitiatives. Often, it is used as a means for detecting fraud, assessing risk, as well as product retailing. Data mining is becoming increasingly common in both the private as well as public sectors. Data mining involves the use of data analysis tools to find out formerly unknown, believable patterns and relationships in large data sets. In this paper, the authors studied various factors required to distinguish transaction and characterizes factors affecting fraud detection with fraud prevention techniques.