Detection & Prevention of Credit card Fraud using Emerging Techniques of Block-chain & Machine Learning
Keywords:
Credit Card, Commercial Fraud, Machine Learning, Block chain.Abstract
With the emergence of new digital India and the shift towards digital payments globally, fraudsters are finding ways to defraud financial institutions, resulting in loss of public money. Electronic payments have their own disadvantages. As the number of users increases, credit card fraud also increases at the same rate. Some people's credit card information may be collected without the owner's permission and used in fraudulent transactions. The problem of finding a credit card is to understand how many credit card frauds have occurred using historical credit data and create ML models. The resulting pattern is used to determine whether a new transaction is fraudulent. The model will then incorporate blockchain technology to ensure its success. Banking will be safer in the future. This will make fraud detection faster and more accurate.Credit card fraud costs thousands of dollars each year. Therefore, fraud detection is important for financial institutions to reduce their losses. The strategy presented in this article is an attempt to minimize financial losses. Additionally, the solution introduces the idea that the system will prevent fraud before it enters the blockchain.
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