An Efficient Framework for Credit Card Fraud Detection using Machine Learning

Credit Card Fraud Detection (CCFD) is a crucial security issue for economic and financial firms nowadays. The way of committing fraud is changing constantly; therefore, it is challenging to predict real-time fraudulent transactions. Thus, we propose an efficient machine learning (ML) based model to test fraud detection using the benchmark dataset. We have tested our proposed model by using the credit card dataset 2023, which contains over 511,767 European credit card transactions from 2023. It securely protects the identification of cardholders and aids in finding potential fraudulent transactions. Different models, such as logistic regression (LR), variants of discriminant, SVM, Naïve Bayes (NB), etc., are used for the performance evaluation of the proposed model based on accuracy, cost, prediction time, and training time. The findings of the study show that the proposed model outperformed other models in terms of accuracy.

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Publication Details

Published
2024-12-18
DOI
https://doi.org/10.1109/pdgc64653.2024.10984191
Primary Topic
Imbalanced Data Classification Techniques
Type
article
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article

An Efficient Framework for Credit Card Fraud Detection using Machine Learning

Sudhakar Singh, Pradip Sinha, Rajkumar Singh Rathore, Tiansheng Yang et al.
Imbalanced Data Classification Techniques
article

An Efficient Framework for Credit Card Fraud Detection using Machine Learning

Sudhakar Singh, Pradip Sinha, Rajkumar Singh Rathore, Tiansheng Yang, Shiv Prakash, Dinesh Prasad Sahu
article en

Abstract

Credit Card Fraud Detection (CCFD) is a crucial security issue for economic and financial firms nowadays. The way of committing fraud is changing constantly; therefore, it is challenging to predict real-time fraudulent transactions. Thus, we propose an efficient machine learning (ML) based model to test fraud detection using the benchmark dataset. We have tested our proposed model by using the credit card dataset 2023, which contains over 511,767 European credit card transactions from 2023. It securely protects the identification of cardholders and aids in finding potential fraudulent transactions. Different models, such as logistic regression (LR), variants of discriminant, SVM, Naïve Bayes (NB), etc., are used for the performance evaluation of the proposed model based on accuracy, cost, prediction time, and training time. The findings of the study show that the proposed model outperformed other models in terms of accuracy.

University of South Wales (GB), University of Allahabad (IN), Bennett University (IN), Cardiff Metropolitan University (GB)
Peace, Justice and strong institutions
Openalex Percentile: Top 73%
Imbalanced Data Classification Techniques
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