Security

Soft Computing Tools in Credit Card Fraud & Detection

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Executive Summary

Fraud is one of the major ethical issues in the credit card industry. The significance of the application of the techniques reviewed here is in the minimization of credit card fraud. Depending on the type of fraud faced by banks or credit card companies, various measures can be adopted and implemented. "Neural Network" is used to describe a statistical model that evaluates plastic card account and/or transaction data. The Neural Network Model generates a score for each account/transaction. The score separates those accounts/transactions that are likely to be fraudulent from those that are not. Accounts/transactions that receive higher scores are more likely to be fraudulent. Accounts/transactions that receive higher scores are more likely to be fraudelent.

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