Dev Haral
"I am a sophomore at IIT MANDI pursuing a B-TECH in Mechanical Engineering. I am extremely interested in coding and development. Working to secure a highly rewarding career, with each day enhancing and utilizing my skills and knowledge".
Dev Haral
"I am a sophomore at IIT MANDI pursuing a B-TECH in Mechanical Engineering. I am extremely interested in coding and development. Working to secure a highly rewarding career, with each day enhancing and utilizing my skills and knowledge".
Why?
In today’s world, we are on the express train to a cashless society. According to the World Payments Report, in 2016 total non-cash transactions increased by 10.1% from 2015 for a total of 482.6 billion transactions! That’s huge! Also, it’s expected that in future years there will be a steady growth of non-cash transactions Credit card fraud, act committed by any person who, with intent to defraud, uses a credit card that has been revoked, cancelled, reported lost, or stolen to obtain anything of value. Using the credit card number without possession of the actual card is also a form of credit card fraud. Stealing a person’s identity in order to receive a credit card is another more threatening form of credit card fraud, because it works in conjunction with identity theft. Credit card fraud is a problem that affects the entire consumer credit industry. It is one of the fastest-growing types of fraud and one of the most difficult to prevent.
Solution
When it comes to fraud decisions, you need results FAST! Research shows that the longer a buyer’s journey takes the less likely they are to complete checkout. Machine learning is like having several teams of analysts running hundreds of thousands of queries and comparing the outcomes to find the best result - this is all done in real-time and only takes milliseconds. As well as making real-time decisions, machine learning is assessing individual customer behaviour as it happens. It’s constantly analyzing ‘normal’ customer activity, so when it spots an anomaly it can automatically block or flag a payment for analyst review.We will be using a Logistic Regression classifier for our project. A logistic Regression model is used to predict the probability of a certain class or event existing. We then decide the class from which the entry belongs by using a threshold value.
Model
Credit Card is a great tool to pay money easily, but as with all the other monetary payment tools, reliability is a issue here too as it is subjected to breach and other frauds. To encounter this problem, a solution is needed to identify the patterns in the transactions and identify the ones which are fraud, so that finding such transactions beforehand in future will be very easy. Machine Learning is a great tool to do this work since Machine Learning helps us in finding patterns in the data. Machine Learning can help producing great results if provided enough amount of data. Also, with further advances in the technology, Machine Learning too will advance with time, it will be easy for a person to predict if a transaction is fraud or not much more accurately with the advances.