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    Fraud Detection Assignment Help

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    Fraud Detection Assignment Help


    Fraud Detection Assignment Help

    Introduction

    In recent days, credit cards are used by the customers while purchasing a product. From all over the world, fraudulent activities are detected in order to make the customer's information protected. The number of the account holder is hacked by the hackers that results in leaking the personal information of the influential customers. This thesis discusses the detection of credit card fraudulent activities. It focuses on the insidious activities in the context of credit card and it points out the activities those results in detecting the illegitimate transaction through the account of credit cardholders. The fraudulent act with regard to the credit card is considered as theft of individual identity that targets not only to steal the number of the mentioned cared but also the address or any importance information of particular customers. Illegal activities are spreading worldwide due to the advancement of technology. The security number of the credit card gets easily hacked by the hackers who tend to misuse the particular number for some deceitful activities.

    The thesis is significant for future research that aims in detecting the activities with regard to the detection of theft of the credit card. In recent days, the thieves are not directly targeting the customers rather they are targeting to hack the pin number of the particular cards through a phishing email or fictitious calls towards the customers. The thesis is significant in the sense that helps in making people aware of the ways through which a fraud of credit card can be detected. The research is regarded as an interesting one as through this study, the future research would be able to detect the issues that occurs the fraudulent operation regarding credit card. The respective research will be helpful for those who are recently using the credit numbers as for the hackers; it is very easy to steal the information from the customers who are not much aware of the usage of the credit cards. Through this thesis, further research would be able to consolidate particular research by gathering more information regarding the deceitful deed and also be able to. This thesis is also important as it helps in making people aware of the fact that while purchasing products from the stores because the thieves do not target to steal the personal information directly from the customers.

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    The hacker target to hack the credit card processing and this fact are emanated by this research. The thesis also helps the future research to provide knowledge regarding the fraud of credit card and through this thesis, the customers are able to know that until the purchasing are implemented by the hackers by using the security number of the credit card, the customers would not be able to know before about the insidious activity. In the year 1928, the predecessors of the credit card had been introduced before the world and from 1930 to 1950, that particular credit card had been used in U.S that helped in purchasing product through charge slip and linked ribbon. With the advancement of technology, the theft of credit card began to take place and from the year 2005, there fraudulent activities have been escalated. In the year 2009, a large fraud in the context of credit card has happened by Albert Gonzalez who had been able to steal personal information from 160 debit and credit card through Heartland system of payment. The trend of the respective research is to follow the activities that can cause the illegitimate crime through the usage of credit card. The thesis follows the trend by developing an awareness of the customers and follows a research methodology that aims in making customers knowledgeable regarding the usage of credit cards.

    Research background

    The main objective of the particular research is to detect fraudulent activities by using the credit card of the customers. In recent days, the online transaction has taken a large space in the method of transaction make people aware of the usage of credit cards. Abulafia (2016) stated that, the hackers target to send phishing emails to the account holder with a fictitious alluring offer. Being trapped under this kind of email, the account holders often their personal data with the hacks. As a result, hackers get a chance to know the pin number of the card which results in the tremendous loss to the holder of the particular account.. Therefore, the main objective of the research revolves around detecting the causes and problems that have occurred due to this insidious crime. Another objective of the study is to make out the facts that are necessary .

    Research contribution

    The research is contributed to finding ways of detection of fraud in the credit card that can be easily implemented through advanced technology. The research helps in providing the usage of advanced methodologies, software and tools that can help in the reduction of risk in the context of credit card. Risk management has been undertaken by this research and this is considered as the main contribution of the thesis for detecting the fraud of the credit card.

    Research objectives:

    • To identify different types of fraud that happens with credit card users.

    • To identify fraud detection techniques

    • To analyse the impact of credit card fraud detection techniques in retaining customer satisfaction

    • To recommend strategies for implementation of efficient techniques so that fraud in future can be detected and prevented.

    Literature review

    Several papers have been discussed in the literature in order to identify the research gaps and problems in the area of credit card fraud detection. In this sense, we have selected the following articles:-

    1. Feature engineering strategies for credit card fraud detection.

    Von Mises distribution methodology and Static model have been used in this article that helps in analysingthe transaction process through credit card. This proposed methodology has helps in indentifying the expanded version in terms of making transaction and by following the respective methodology; the spending behaviours of the customers can be evaluated. Based on the purchasing pattern, the occurrence of credit card fraud can be detected.  The article will be helpful for detecting the insidious activities done with the credit card through the usage of Static model.Contrasting to this method, Zareapoor and Shamsolmoali (2015) argued that the fraudulent activities get started when the hackers are able to steal the pin number of the credit card. The insidious process is implemented in such a way that when the information is stolen, the holder of the card does not know the facts rather they know when the hacker purchases a large amount of products by using the particular number.Therefore, it can be stated that for detecting the credit card fraud, it is necessary for every card manufacturing company to detect the fraudulent activity for identifying fraud while doing transaction with credit cards.

    2. A novel approach for automated credit card transaction fraud detection using network-based extensions.

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    For detecting the credit card fraud, the article has implemented APATE as the methodology that helps in indentifying the steps involved in the credit card fraud. The proposed methodology has will help in making a difference between income transaction and former transaction done by the holder of credit card. Escaping the direct payment method, the fraud of credit card is occurred and it has been evaluated that APATE will be able to reduce this fraudulent activity to a large extent if the credit card manufactured company becomes aware of the usage of the proposed methodology. Contrasting to this view, Silverman, (2018) argued that Fraud of the credit card is happened when the holder of the account fails into the trap of phishing email sent by the hackers. The fraud can also happen when the main holder of the card gives a chance to use the personal information to another person in case of purchasing products. This leads to the fraud of credit card.

    3. Application of credit card fraud detection: Based on bagging ensemble classifier.

    Credit fraud has been escalating in the era of advanced technology and for \detecting this insidious activity done by the hackers can be evaluated after pursuing the suitable methodologies. As mentioned in this article, Ensemble learning method is considered as one of the feasible one for the detection of credit card fraud. This particular method will help in predicting the exceptional performance during transaction. This method will helps in process data mining process that will help in gathering data from the purchasing strategies of the holders of credit card. The article is able to provide the unique methods that will helps in detecting the fraud in the context of credit card. The propose methodology will helps in increasing awareness while implementing online transaction and if any fraudulent activity is likely to appear, the proposed methodology will be able to detect it in a precise manner. As per the view of Zareapoor and Shamsolmoali (2015), it can be stated that Ensemble learning method will be able to evaluate the parameters that helps in providing accuracy during the detection of credit card fraud. The methodology will help in understanding the legitimate transaction by comparing to the previous transaction made by the holders of credit card. In contrast, Carcillo et al (2018) stated that the skimmers of the credit card are placed over the swipe of a credit card at ATMs or any other manual transaction system and after that the hackers return to the particular booth for capturing the information that has been skimmed by the skimmer.

    4. Credit card fraud detection using AdaBoost and majority voting..

    The article has focused on the increasing fraudulent activity in the context of credit card and to mitigate this insidious activity, Randhawa et al (2018) proposed mythologies such as AdaBoost and Voting methods. These methods have helped kin identifying the fraud activity in the while making transaction with credit cards. Financial loss is happened during this kind of fraud as a large amount of money is lost from the account of the holder of credulity card. By using Voting method and Adaboost, the relevant data is gathered from the account of the credit card owner. The respective methodology will be able to detect the location where the fraudulent activity would have been taken palace and by determining this, the activities with regard to fraud during transaction will be reduced. As per the analysis of Randhawa et al (2018), it can be stated that while handling the credit processing of a credit card manufacturer company, the hackers look for an opportunity to steal the valuable information. In addition, holders of credits are responsible for not being aware of the security of pin code in credit card. On the contrary to this aspect, Tran et al (2018) argued that, when a credit card is stolen, the holder of the particular card is unable to know about the fraudulent activity unless the hacklers use the credit card while purchasing the products. The companies of the bank that launched the credit cards to the customers get to know about the insidious activity that has been done through the credit card of its customers. The methodologies that are proposed in the mentioned article will be able to detect the fraudulent activity by interpreting the data from the account of the holder of credit card.

    5. Credit Card Fraud Detection using Local Outlier Factor

    The article has introduced Local Outlier Factor as the methodology for detecting the online as well as offline fraud detection. With the advancement of technology, the thieves are not likely to steal the information with regard to the credit card in a direct method. Instead of it, they use technology through which the customers attempt to purchase online products. By keeping this fact in mind, the hackers always try to hack the confidential information where they are able to get to know about the details of the customers irrespective of one number and security number of the valuable cards. Contrasting to this point, Dal Pozzolo et al (2015) argued that, the hackers also target the public Wi-Fi and wait for people to update the fraudulent software. The software aims in taking a screenshot of the page of the customers and send confidential information to the hackers. By undertaking the usage of Local Outlier Factor, the detection of fraudulent activity with regard to the credit card will be deducted as the respective method will help in outlining the impending factors pursued by the hackers of credit card.

    6. Genetic algorithm for detection of the credit card fraud

    In this article the authors use genetic algorithm to solve the problem of the credit card fraud. It has been discussed in the article that the complex computational problems can be solved by these genetic algorithms. The main aim of this thesis is to implement the effective fraud detection system and to help the clients to decrease the loss of them (Trivedi and Monika, 2016). By using genetic algorithm the article firstly tries to detect the processes regarding the fraud activities of the card system. To solve this problem they follow some steps. After completing the steps the fraudulent transactions are identified accurately and the rate of the false alerts decreases. This system helps to identify or detect the fraud in a very short span. By this process the banks and the customers face a reduced rate of losses and the risk amount also decreases.

    7. Credit Card Fraud Identification Using Artificial Neural Networks

    The authors try to propose a model for the identification of fraud system in credit card. An interconnected group of artificial neurons mainly forms the artificial neural network system. By implementing this system banks can improve their identification processes of the fraud system. Artificial neural networking system is the best technique in recent times to solve the fraud issue of the credit card. In this thesis mainly 3 learning techniques are used to train the neural network system for identification of the fraud system of the theft in the banking system and that are Bayesian Regularization, Gradient descent and LM technique (Behera and Panigrahi 2015). This model is created mainly to reduce the low false detection rate. J. Esmaily and R. Moradinezhad proposed a hybrid model of artificial neural network and decision tree. A two phase approach has been discussed in this type of model. In the first phase classification results of decision tree is done and then in the second phase a dataset is produced by multilayer perception. The false detection rate will increase by using this type of method.

    8. A credit card fraud detection system by using Smote technique and Whale Optimization technique

    Credit card fraud detection system is used mainly to detect the credit card theft. In this research thesis the authors mainly two type of algorithm techniques are used. One is whale Optimization Algorithm and another is Synthetic minority oversampling technique (Smote). This Smote technique is used to solve the imbalance form of the classification and the Whale Optimization algorithm used to increase the efficiency of the credit card fraud detection system. Smote technique is mainly used to differentiate between the fraud transaction system and the non fraud detection system. Whale optimization technique is used to detect the error and to optimize the transactions of the fraud (Save, et al., 2017). The reliability, the imbalance and the optimization of the data is solved by applying the two techniques of the Smote technique and the Whale Optimization Algorithm system. The convergence speed is also improvised due to this merging of the two systems. This discussed model in this particular research thesis mainly differentiates the fraud transactions accurately from all other transactions. Decision tree is mainly a flowchart type of structure which has to be implemented in this type of model. The classification steps of the decision tree are very simple and fast. Information Gain, Gain ratio and Gini Index these three populations attribute selection measures are implemented in this thesis.

    9. Credit card fraud detection using Split Criteria in Classification

    In this research thesis the authors mainly focus on the Decision tree technique a system is provided to classify the current transaction system into fraud and non fraud system. Mainly the split criteria are used for this classification (Van Vlasselaer, et al., 2015). By applying this type of system banks can identify the fraud detection system in a very fast way. By applying these techniques banks can find out the fraudulent customers from their IP addresses. Some software can trace the fake IP address and through this the banks can easily reach to the frauds. Credit card fraud deals with illegal usages of credit card information in an illegal manner. It can be completed in digital or physical way. However, the modern technique is trying continuously to resist hacking.

    10. Fraudulent Detection in Credit Card System using SVM & Decision Tree

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    Support Vector Machine is a binary type of classification. It mainly identifies that if the system is fraudulent or not. This type of classification mainly helps the abnormal activity of the users and this way anyone can identify the fraud users. The decision tree is a structure which has 3 types of branches and that are- 1) leaf node, 2) branch and 3) root node. Every internal node denotes a test on attribute (Tran, et al., 2018). By applying this type of method the security system become much more powerful to prevent the fraudulent activities in the credit card system. This is mainly a hybrid model. Two types of models- SVM and Decision tree are merged to produce a great result for the detection of the fraudulent activities in Credit Card system. On the other hand, the debit card can be resist in some ways with the application of modern technologies.

    Research problems

    Definition of a problem from contemporary settings:

    The problem that is mentioned in this thesis is the outcome of the fraudulent activities that are done through the credit cards. By analysing the current problem, it has been known that the hackers are more likely to accomplish the stealing process through technology. The problem that has been concerned in this thesis is the emergence of malware that are disguised as the convenient software is handled by the customers and as a result, the hackers get an opportunity to snatch the confidential information from the main holders of the credit card.

    i) Outcome of fraudulent activities in the context of credit card

    ii) Developing trust issues for online transaction

    Presentation of problems by pertinent questions:

    1) What are the ways through which the hackers attempt to hack the information regarding credit?

    In numerous occasions, criminals don't take the Visa data directly from the owner. Rather, they get it elsewhere in the Visa preparing chain. Here are a couple of ways hoodlums can gain admittance to your Visa data. Cheats can take your data by rupturing an organization where you've utilized your MasterCard or an organization, here and there a large number of shoppers have their Mastercard data taken. Most User information ruptures – like Target, Home Depot, JP Morgan Chase, and Anthem – make feature news, yet there are many (generally) littler information breaks that we never catch wind of. Organizations aren't constantly required to tell clients whose data has been taken in an information rupture (Correia, Fournier and Skarbovsky, 2015). A credit card skimmer is a little gadget that catches your Visa data in another generally real exchange. Cheats furtively spot MasterCard skimmers over the charge card swipe at corner stores and ATMs at that point come back to recover the data caught.

    2) What the hackers do after hacking the information of credit card?

    On the off chance that a criminal gains admittance to your charge card data, they can benefit from it in a couple of various ways; all make life increasingly hard for you. It is always preferential to opt for online purchases; however, criminals can utilize the charge card data to purchase things over the web. It's a lot simpler for them to do this on the off chance that they likewise have your charging postal district and the security code from the back of the MasterCard. Sell it: MasterCard data can be sold over the web for $5 to $100 in the U.S., contingent upon the sort and measure of data that is sold. The more data the cheat has, the more important the charge card data is. For instance, a Visa data can be sold at a greater expense, if the criminal likewise has your name, address, date of birth, mother's original surname, and three-digit security code from your Visa. Knowing the accessible parity on your card enables the hoodlum to charge a higher premium for your record data (Correia, Fournier and Skarbovsky, 2015).

    3) How the cardholders get to know that the credit card has been hacked?

    This sort of charge card burglary can go undetected for a while. Dislike a physical Visa that you notice is absent. You likely won't know until you see unapproved charges on your MasterCard account. Try not to depend on your bank to catch occurrences of charge card burglary. Your Visa backer may consider you or stop your record in the event that they notice buys outside your typical ways of managing money, yet don't underestimate that your bank will consistently advise you of potential extortion (Correia, Fournier and Skarbovsky, 2015). Screen your Visa regularly and promptly report deceitful buys, paying little mind to the sum. It's insufficient to peruse your exchanges once per month when your financial record comes. When seven days is better and day by day or each other day will give you a chance to spot deceitful buys before the cheat can do a lot of harm to your record. Some charge cards can send continuous exchange warnings to your cell phone. Some of the time criminals tests to see which Visa numbers are substantial by making a little charge of a couple of dollars or pennies that would probably go undetected. On the off chance that the little charge is effective, the hoodlum realizes the MasterCard number work and will proceed to make greater buys with the Visa data. Try not to disregard little, apparently honest MasterCard buys. Notwithstanding something as little as a couple of pennies could be an indication that your charge card data has been undermined.

    4) What are the tools, software and methods that can be able to detect the outcome of fraud of credit cards?

    The key is to receive an installment entryway that utilizes a blend of the best systems to handle card installment misrepresentation, limit misfortunes, and shield your business from the previously mentioned dangers.

    Catch Card Verification Value (CVV) Codes

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    It is a 3 or 4-digit code that is imprinted on the back of each credit or charge card, which ought not to be put away in the trader's database for any sort of exchange. While handling a card-not-present (CNP) exchange (on the web, email, or phone orders), you get the required card data from the client for confirmation. On the off chance that the CVV codes don't coordinate, you ought to enable your installment entryway to decrease the exchange. In spite of the fact that this won't totally take out online card extortion, you will limit your danger of confronting chargebacks (Shimpi and Kadroli, 2015).

    Screen with Device Identification

    Gadget recognizable proof investigates the PC instead of the individual who is visiting your site. It profiles the working framework, web association, and the program, to measure if the exchange must be affirmed, hailed, or declined. All gadgets (telephones, PCs, tablets, and so on) have a one of a kind gadget unique mark (like human fingerprints) that distinguishes false examples and evaluate dangers, assuming any. Organizations like ThreatMatrix screen the gadget ID, utilizing it as a source of perspective point to check whether other individuals have hailed it for suspicious or fake exercises before. Fraudsters can't mimic a PC's exceptional personality, making it an extraordinary alternative to ensure your business against online misrepresentation (Shimpi and Kadroli, 2015).

    Secure Online Transactions with Payer Authentication (3-D Secure)

    A cardholder validation measure that verifies online exchanges for clients. This enables them to make a PIN (secure code) that can be utilized during checkout to affirm the client's personality. On the off chance that the PIN entered isn't right, the exchange gets blocked, along these lines lessening the quantity of exchanges that must be physically audited by you (as a dealer).

    5) What should be done after knowing that the information of credit card has been hacked?

    It's quite simple and easy to know when your real Visa has been taken – your Visa is really gone. It's not as simple to know when your charge card data has been taken. Regularly, one needs to notice signs that indication your MasterCard data has been taken, as unapproved buys on the owner’s Visa. Auditing the ongoing charge card exchanges to check whether there are any you didn't make. Note the false charges you found. Regardless of whether the one didn't locate any deceitful charges, it’s important to call the MasterCard guarantor and let them realize that the owner think that the MasterCard data has been taken. Informing the card guarantor of any exchanges that didn't approve (Shimpi and Kadroli, 2015). The charge card guarantor will drop the old MasterCard account, expel the deceitful exchanges from your record, and send another Visa and another MasterCard number. Keep checking the exchanges on your new Visa. When one starts utilizing the charge card, the subtleties are in danger of being taken.

    Things that need to be discovered reconfigured and resolved:

    In case of detecting the fraud of credit cards, the key issues relating to the security of credit cards need to be discovered as this will help in consolidating the security of the mentioned cards so that the hackers would not be able to hack the pin number of the cards. The prices of online transaction need to be reconfigured by the online shopping applications so that the hackers would not be able to steal the information of customers. The accession of email or text sent from unknown sources needs to be resolved as these facts foster the fraudulent activities of the credit card.

    Research methodology

    Formulation of research problem

    Fraud of credit card is considered to be wide ranged term of fraud and theft that is committed by using a card. Main purpose behind this fraudulent activity is to obtain the goods without providing money for the goods or to get access of unauthorised funds from others account. Credit card fraud is a greater issue for the ecommerce retailers. As stated by Save et al. (2017), the fraud of credit card either takes place by stealing the physical card or by compromising data that has been associated with another person's account. Some examples of credit card fraudulent activities are making copies of the sales receipt by the store clerk in order to use it in future. Another example is the hacking of system by card scammers. Therefore, it is very important to detect the credit card fraudulently to reduce the issues that are faced by the common people. In order to solve the present issues it will be important to use different criteria such as data collection methods, research methodology to get relevant data about the issues.

    Create an evidence-based research proposal

    Main aim for conducting this research is to identify various types of fraud activities that are taking place with the users of credit card. This research thesis will also help in finding the techniques for detecting the frauds. After finding the techniques it will also be important to analyse the effects of these techniques to retain the satisfaction of customers.

    Hybrid research methodology

    Both qualitative and quantitative research methods will be used for collecting the data regarding the issues of fraudulent activities in the usage of credit card. This method is known as hybrid research methodology which is used to collect the statistical data as well as the non-numerical data against a present problem. According to the views of Merriam and Grenier (2019), qualitative research methods are used to gain the relevant understanding regarding the reasons and opinions of the issues. Moreover, it also helps in developing a hypothesis regarding the topic of research and thus is useful to conduct the research efficiently. On the other hand, by using the quantitative research method which means gathering of statistical data, the problems can be quantified. Different methods that are included in the process of quantitative data analysis are online surveys, surveys through thesis, interviews, online poles as well as systematic observation.

    Data collection method

    Primary method

    Primary research method is very useful in gathering the current data regarding a particular subject. This method is followed by conducting interviews and surveys. Interviews will be conducted of 4 managers of bank and also of 4 IT department heads. They will be asked regarding the major losses they are facing due to the credit card fraud activities. It will help in doing better analysis of the issues. Moreover they will also be asked about the planning they are making to reduce the fraud activities for making a safe use of credit cards. Surveys will also be held in which approximately 40 people will be asked regarding the problems they are facing in the usage of credit cards

    Secondary method

    As per the views of Silverman (2018), secondary data analysis method will help to get the data from various sources such as online articles, journals and websites. This method will consume less time since the data are already available and thus it will become easy to analyse the data. Secondary research method will be helpful for this research to demonstrate the data that already exist regarding credit card frauds.

    Recognition of variables

    Dependent variables

    According to Audigier et al. (2018), it shows the effect of the manipulation of independent variables. In this research study the dependent variable is the techniques that will be used to identify the fraudulent activities involved in the access of credit card.

    Independent variables

    The independent variables are considered as those variables that can be controlled by the researchers. The independent variable in this study is the fraud activities that are happening with credit card and its impact over the users. It will help in identifying the important research methods for analysing the effects of fraud activities related to credit card.

    Model stimulation and interfaces used for the research

    Analysis of primary data will be done by thematic analysis whereas the analysis of secondary data will be done by making various graphs. Different software will also be used to obtain accurate data for conducting the research. Thematic analysis will be done to identify the patterns of the dataset that can provide relevant answers to research questions.

    Appendix

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