ISSN : 2663-2187

BLOCKCHAIN AND MACHINE LEARNING APPROACHES FOR CREDIT CARD FRAUD DETECTION

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1Princy Usha M,2Suganthini C,3Jose P, 4Nandhini I
ยป doi: 10.33472/AFJBS.6.5.2024. 6519-6532

Abstract

A credit card is a simple way to make cashless purchases, both online and offline, and it is accepted almost everywhere. One of the most significant benefits of using a credit card rather than a debit card is that it allows you to borrow money to pay for your transactions. As well as the majority of online fraud occurs during a card or online transaction when a user attempts to buy something or move money. Now a days lots of technology introduced for secured money transaction, that's one of them blockchain technology. The blockchain has the potential to evolve into a distributed ledger, offering a revolutionary new form of trustworthy third-party authentication. Because of the long history of credit card systems, it is easier to understand and security has always been triggered by a process of delegating risk to third parties. Blockchain technology has the potential to avoid these types of losses from occurring in the first place. This study examines how Blockchain technology may be applied, how it might be made safe, and how it might be used to reduce the danger of credit card data being compromised. In addition this article defines and describes a system that may be developed to prevent theft of credit cards using existing technology, such as two-factor authentication, SMS random OTP (One Time Password) and biometrics tools.

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