CreditCardFraudDetector

The scam usually occurs when someone accesses your credit or debit card numbers from unsecured websites or via an identity theft scheme to fraudulently obtain money or property. Due to its recurrence and the harm it may cause to both individuals and financial institutions, it is crucial to take preventive measures as well as identifying when a transaction is fraudulent. It is quite likely that on some occasions you’ve had your credit card blocked when trying to make a simple purchase, causing stress and embarrassment. When this happens, your bank or credit card issuer may have detected a suspicious activity, which sometimes is just a false positive. Because of the massive volume of data available for each customer and each financial activity, artificial intelligence can be utilized to effectively identify suspicious patterns in transactions. To increase the accuracy of the analyses, many institutions are investing in the improvement of AI algorithms.