Exploration of Data Mining Techniques in Fraud Detection: Credit Card
Data mining has been increasing as one of the chief key features of many security initiatives. Often, used as a means for detection of fraud, assessing risk as well. Data mining involves the use of data analysis tools to discover unknown, valid patterns as well as relationships in large data sets. Decades have seen a massive growth in the use of credit cards as a transactional medium. Data mining become even more common in both the private and public sectors. Data mining has been used widely in industries such as Banking, Insurance, Medicine and Retailing to reduce costs, enhance Research and increase Sales. Credit cards are much safer from theft than is cash and also a promising area for buying and sales.