Data Mining in Credit Card Frauds: An Overview

With the increasing awareness of customers amongst plastic money and internet banking, the number of frauds in transactions have also emerged. In order to detect these frauds, various data mining techniques can be applied. Financial Fraud Detection(FFD) has been a major concern among the leading organizations and the banks. Hence a framework has been proposed so as to detect the fraud in the early stages as well as forecast which transactions are prone to fraudulent activities. This paper reviews the previous research conducted by the leading researchers in their areas with a focus on credit card fraud detection and prevention using data mining approaches.