A Critical review of Credit Card Fraud Detection Techniques

Credit card fraud is one of the most important threats that affect people as well as companies across the world, particularly with the growing volume of financial transactions using credit cards every day. This puts the security of financial transactions at serious risk and calls for a fundamental solution. In this paper, we discuss various techniques of credit card fraud detection techniques that provide enhanced protection for credit card systems against a variety of frauds. We also compare these techniques in terms of accuracy, time, and cost, and outlined potential strengths and weaknesses to provide a guideline to choose the right technique.