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DESIGN AND IMPLEMENTATION OF A CREDIT CARD FRAUD DETECTION SYSTEM

ABSTRACT

In today’s world, credit cards are the most widely recognized payment method for both online and offline transactions, and it helps to implement the cashless policy in every shop across the country. It is the most convenient way to shop on the internet and pay bills, among other things. As a result, the chances of a credit card fraud transaction are increasing. Fraudulent transactions will be discovered after the transaction is completed in the existing manual credit card fraud detection business processing system. It has become extremely difficult to detect fraud, and issuing agencies will prohibit losses. The researcher proposes to design and implement a credit card fraud detention system utilizing HTML, CSS, and PHP in this study.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Online transactions for the acquisition of products and services are becoming more common in our daily lives. According to a Nielsen study conducted in 2007-2008, the internet is used by 28 percent of the world’s population. 85 of these people have used the internet to purchase online, and the number of persons who have done so has climbed by 40 percent from 2005 to 2008. Credit cards are the most prevalent way of payment for internet purchases. Credit cards are the most widely accepted payment method for online and offline transactions in both developed and developing countries. It may result in financial losses for the issuing agencies. Purchasing in the second way, i.e.

These transactions are typically conducted via the phone or the internet, and to complete this type of transaction, Credit cards are utilized in our daily lives to purchase products and services using either a virtual card for online transactions or a physical card for offline transactions. In a physical-card purchase, the cardholder physically submits his card to the seller for payment. An attacker must steal the credit card in order to carry out fraudulent transactions in this type of purchase. If the cardholder does not realize the loss of the card, the credit card firm may suffer a significant financial loss. In the case of online payments, attackers just only a small amount of information to carry out a fraudulent transaction (secure code, card number, expiration date etc.). The majority of transactions in this buying method will take place via the Internet or over the phone. A scammer only has to know the card details to conduct fraud in these types of transactions. Most of the time, the actual cardholder is unaware that his or her card information has been seen or stolen by someone else. The only way to detect this type of fraud is to examine each card’s spending history and look for any discrepancies from “normal” purchasing patterns. Fraud detection based on a review of a cardholder’s existing purchase data is a promising method of lowering the rate of successful credit card frauds. Every Card holder can be represented by a set of patterns containing information about the typical purchase category, the time since the last transaction, and other behavioral characteristics.

  STATEMENT OF THE PROBLEM

The losses caused by credit card fraud can harm all consumers, retailers, and issuing banks, as previously stated. As a result, developing ways for identifying and combating credit card fraud is critical. This study includes a number of techniques that can be used to create fraud detection systems. It can be time-consuming to learn the characteristics of all of those techniques. A approach with a high prediction accuracy could be an attractive option for use in a fraud detection system. However, there are a number of factors to consider before selecting which technique is best suited to a certain situation. In addition, all transactions are recorded in a log. Also, because there are so many online purchases these days, we don’t know who is using the card online; we simply capture the IP address for verification purposes. As a result, a mechanism to combat cyber-crime and aid in fraud investigation is required. To circumvent all of the aforementioned drawbacks, we present a technique for detecting fraud in the most efficient and straightforward manner possible.

  AIMS AND OBJECTIVE OF THE STUDY

The goal of this study is to design and implement a credit card fraud detention system in order to combat credit card fraud.

The following are the study’s objectives:

Create a system to keep track of every online fraudulent credit card transaction.
A technology that can quickly detect if a credit card has been stolen.
To make it simple to track and report fraudulent transactions to the appropriate authorities.

 SCOPE OF THE STUDY

The study’s goal is to put in place a credit card fraud detention system to combat the rising number of cyber-crimes in our country.

  DEFINITION OF TERMS

A credit card is a small rectangular slab of plastic provided by a financial institution that enables cardholders to borrow funds to pay for products and services.

– Fraudulent – Obtainable, accomplished, or involves fraud, particularly illegal deception.

– Verification – The process of determining whether something is true, accurate, or valid.

A person who buys products and services for personal use is referred to as a consumer.

– Transaction – When you buy or sell something, it’s called a transaction.

– Purchase – To obtain (something) by paying for it; to purchase.

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