Using credit cards is a convenient and efficient payment mechanism. Credit card fraud significantly impacts financial loss, mental health, and the reputation of financial institutions. This study would incorporate an analysis of the preceding statement about eliminating several obstacles associated with the availability of public data, the presence of unbalanced data, the dynamic nature of fraud tendencies, and the prevalence of false alarms. The authors discuss various machine-learning techniques used to detect credit card fraud. Extreme Learning, Decision Trees, Random Forests, Support Vector Machines, Logistic Regression, and XG Boost are among these techniques on the European card benchmark dataset. A comparative evaluation of the effectiveness of machine learning has also been conducted, and precision is increased by incorporating multiple layers. The study’s findings indicate significant improvements in several crucial metrics, including accuracy, f1-score, precision, and AUC curves. XGBoost model achieves optimized values of 99.9% accuracy. The proposed model outperforms contemporary machine learning approaches in credit card fraud detection. It has been observed that the combination of data balancing techniques significantly reduces the occurrence of false negatives. This study has substantial potential for credit card fraud detection applications in the real world, providing an effective and efficient method for addressing this ongoing critical issue.
The fulltext files of this resource are currently embargoed.Embargo end: 2025-06-24
Islam, Md AminulImran, A. T. M. AsifRahman, Md HabiburPabel, Md Amran HossenMishra, Bhupesh KumarBasu, Kashinath
School of Engineering, Computing and Mathematics
Year of publication: 2024Date of RADAR deposit: 2024-06-26
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