Data Analytics is the field dealing with the exploration of latent patterns present in a data set which is a useful and really important technique to figure out the fraud. As for a financial service business, a credit card fraud results in huge amount loss but to prevent it from happening, analysis is done and hidden patterns are found. Data visualization and Data Analysis allows data to be compared in many ways with different data mining algorithms which gives the results according to the parameter and the dataset used. The algorithms used can be supervised or unsupervised but to separate the two classes as fraud and non- fraud, used techniques can be classification or clustering. Fraud detection must not only detect fraud in the present but also has ability to predict the future probable frauds. This paper will discuss about such many techniques and there combination with other algorithms to increase the working of the model.
Volume 11 | 04-Special Issue
Pages: 1034-1038