Authors: Priyesh Mahajan, Nitin Namdev
Abstract: The rise of digital payments, credit card fraud has also grown, becoming a major challenge for the financial sector. To address this, more advanced detection systems are needed. Machine Learning (ML) and Deep Learning (DL) have proven to be powerful tools in this fight. These technologies learn from large volumes of transaction data, spotting patterns and unusual behavior that may signal fraud. Unlike traditional systems, ML and DL models can adapt and improve over time, making them effective against constantly changing fraud tactics. Integrating these models into fraud detection systems has already shown strong results, reducing the success rate of fraud attempts and helping to protect the security of credit card transactions. This review highlights the importance of ML and DL in strengthening fraud detection and improving trust in financial systems.
