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Credit Card Fraud Detection using Hidden Markov Model

Author(s):

Hemantraj Gautam , Ideal Institute of Technology, Wada; Sushan Sahu, Ideal Institute of Technology, Wada; Prof. Trupti Kini, Ideal Institute of Technology, Wada

Keywords:

Fraud Detection, Credit Card Fraud Detection, Hidden Markov Model, Fraud Detection Project

Abstract

Now a day’s credit card is the most accepted payment method in online as well as offline shopping. It is cashless payment and can be used worldwide. It is the most convenient way to do online shopping, bill payment, etc. Due to this the risks of fraud transaction using credit card has also been increasing. In the existing credit card fraud detection business processing system, fraud transaction would be detected after transaction is done. And it is very difficult to find such person, and also it causes losses in savings. Hidden Markov Model is the statistical tools for engineer and scientists to solve various problems. In this paper, it is shown that credit card fraud detection can be done using a very powerful data mining tool and that is the Hidden Markov Model. Hidden Markov Model helps to obtain a high fraud coverage combined with a low false alarm rate.

Other Details

Paper ID: IJSRDV7I30090
Published in: Volume : 7, Issue : 3
Publication Date: 01/06/2019
Page(s): 1-3

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