credit card fraud detection with source code
#1

Hi am suwi i would like to get details on credit card fraud detection with source code
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#2
Credit card fraud is a broad term for theft and fraud committed using or involving a payment card, such as a credit or debit card, as a fraudulent source of funds in a transaction. The purpose may be to obtain unpaid goods, or to obtain unauthorized funds from an account. Credit card fraud is also a compliment to identity theft. According to the US Federal Trade Commission, while the identity theft rate had remained stable in the mid-2000s, it increased by 21 percent in 2008. However, credit card fraud, which Most people associate identity theft with a percentage of all identity theft complaints for the sixth consecutive year. 

Although the incidence of credit card fraud is limited to about 0.1% of all card transactions, this has resulted in huge financial losses, since fraudulent transactions have been high value transactions. In 1999, out of 12 billion transactions annually, approximately 10 million - or one out of 1,200 transactions - turned out to be fraudulent. In addition, 0.04% (4 out of 10,000) of all active monthly accounts were fraudulent. Even with the tremendous volume and increased value in credit card transactions since then, these ratios have remained the same or declined due to sophisticated fraud detection and prevention systems. Today's fraud detection systems are designed to prevent a twelfth of all processed transactions from continuing to translate into billions of dollars in losses.

In the decade of 2008, overall credit card losses were 7 basis points or less (ie losses of $ 0.07 or less per $ 100 of transactions). In 2007, fraud in the UK was estimated at 535 million pounds sterling. Card fraud begins with the physical card theft or with the commitment of data associated with the account, including the card account number or other information that would routinely and necessarily be available to a merchant during a legitimate transaction. The compromise can occur by many common routes and can usually be carried out without removing the cardholder, merchant or issuer at least until the account is ultimately used for fraud. A simple example is that of a store employee who copies sales receipts for later use. The rapid growth in the use of credit cards on the Internet has made database security flaws particularly costly; in some cases, millions of accounts have been compromised.
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