Review Paper on Card Transaction Anomaly Dete...

Review Paper on Card Transaction Anomaly Detection

Author Name : Abhinav Dhanotia, Kunal Roy, Er. Shaifali Sharma, Tanmoy Sarkar, Ashim Mahajan, Rai Nishant Bipin

 ABSTRACT

Card Transaction Anomaly Detection is a critical concern in the global financial landscape. This paper offers a succinct analysis of current machine learning and data science techniques for detecting card transaction anomaly, ranging from classical statistical models. This study provides a focused examination of the shifting fraud detection landscape in light of the development of digital payments and the significant financial ramifications of fraud. Our main objective is to evaluate these approaches' efficacy, computational efficiency, and scalability and provide researchers, practitioners, and financial institutions with clear instructions on how to choose a method.

Complex fraud patterns are frequently difficult for traditional rule-based systems to identify, underscoring the need for more flexible detection methods. In order to illustrate historical tendencies, the review synthesizes research findings, limits, and practical implications.