Beyond the Swipe: Technologies for Detecting and Preventing Credit Card Fraud

Fraud is any malicious activity that causes financial losses to another party. As the use of credit cards and digital payments grows, even in developing countries, so does the prevalence of fraud associated with these methods. Credit card related frauds generally takes place in organizations like the appliance industry, automobile industry, banks, and others. The largest credit card fraud to date was orchestrated by a gang of 18 British and Australian fraudsters. they arranged to commit a theft of $200 million before being caught. They created thousands of false identities with addresses in US and eight other countries including India. In this research paper, we explore the concept of credit card fraud and its different types. We thoroughly examine various fraud detection techniques, including SVM, ANN, KNN. Through a comparative analysis of these techniques using quantitative metrics, we conclude by highlighting the limitations of current systems and proposing improved solutions.