Systematic Literature Survey on Credit Card Fraud Detection Techniques

Credit cards (CC) are an important component of the present wealth. It develops into an important component of household, business, and international activities. While using credit cards responsibly and could result in major benefits, fraudulent behaviour can also significant credit and financial damage. Every year, fraudulent credit card transactions result in significant financial losses for both people and organizations. To perform these transactions, fraudsters are always looking for new technologies and methods. A significant factor affecting the increased use of electronic payments is the detection of fraudulent transactions. As a result, there is a need for effective and fast methods of identifying fraud in credit card transactions. This analysis presents Literature survey on Credit Card fraud detection techniques. In order for consumers to utilize e-banking safely and conveniently, the major goal is to protect credit card transactions. For fraud detection approaches, both positive and negative characteristics are given. It also shows its limitations and explains the state-of-the-art approaches that are currently being deployed to counter against these attacks.