IDENTIFICATION OF FRAUD DETECTION FROM CREDIT CARD TRANSACTIONS USING ML

Abstract

This project is mainly focused on credit card fraud detection in real world. A phenomenal growth in the number of credit card transactions, has recently led to a considerable rise in fraudulent activities. In the modern era, the usage of the internet has increased a lot these days and becomes an essential part of the life. As the e-commerce has increased, the buying and selling the products over the internet becomes easier and more flexible. The usage of online shopping, online bill payment has increased a lot these days with the introduction of the modern technology like online banking, credit card payments. Due to the increase of the online payment and online shopping, the risk of credit card usage also increased as the credit card was used in many places as it becomes hard for the bank to distinguish the real transactions of the consumer versus the fraud transactions. Also, the credit card fraud transaction can also happen if the customer accidentally loses the credit card. So, it becomes complex for the banks to stop the fraud transactions at that point. This project represents about how to detect the fraud transactions and block the payments before processing by using the machine learning on a real-time basis.