Secure Mechanism for Credit Card Transaction Fraud Detection System
Credit Card Fraud is the most common, prevalent and costly crime in existence these days. Business rules, scorecards and known fraud matching methods are used in the existing system to detect frauds. However, all these methods have certain limitations. A new multilayered detection system is been proposed which is entirely data-mining based and they deal with real social relationships and finds spikes in duplicates and finally assigns suspicious scores which helps in identifying the fraudster. The data mining layers prevent fraudsters to attack and enhance a secure transaction. This research is totally concerned with credit card application fraud detection by performing the process of asking security queries to the persons involved in the transactions and as well as by removing real time data errors.