REVIEW ON Dr.Revathi.R1MACHINE LEARNING APPROACHES ON CREDIT CARD FRAUD DETECTION

Abstract

Credit card fraud is a serious threat to both individuals and financial institutions, advanced machine learning algorithms must be used to detect and stop fraudulent transactions. This thorough analysis explores the body of research on credit card fraud recognition, with a particular emphasis on big data and machine learning technology. The analysis showcases advancements in the field, underscoring the importance of hybrid models that amalgamate diverse algorithms to enhance detection accuracy. Additionally, the integration of big data technologies facilitates the management of vast datasets, enabling the extraction of valuable insights crucial for effective fraud detection. This review underscores the ongoing imperative for research and development, urging exploration of innovative approaches and algorithm combinations.