er diagram for credit card fraud detection images
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Er diagrams for for credit card fraud detection
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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 goods without paying or obtaining unauthorized funds from an account. Credit card fraud is also a compliment to identity theft. According to the United States 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 with identity theft, a percentage of all identity theft complaints for the sixth consecutive year.

[Image: Fig-2-Performance-across-different-fraud...g-data.png]

Although the incidence of credit card fraud is limited to about 0.1% of all card transactions, this has resulted in huge financial losses as fraudulent transactions have been large transactions of value. In 1999, out of 12 billion transactions annually, approximately 10 million - or one out of every 1200 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 huge volume and increased value in credit card transactions since then, these ratios have remained the same or have declined due to sophisticated fraud detection and prevention systems. Today's fraud detection systems are designed to prevent a twelfth of all processed transactions that still translate into billions of dollars in losses.

In the decade to 2008, overall credit card losses have been 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.
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