In this digital era of mounting financial transactions, the number of fraudsters is also on the rise. According to a recent report by McAfee, cyber crimes in the form of credit card frauds have cost the global economy over $600 billion. This figure amounts to 0.8% of the global Gross Domestic Product. Intelligent credit card fraud detection and prevention technologies are thus becoming the necessity of the moment.
Large chunks of data gathered from customer financial transactions can be used to study and identify behaviors from the past to identify potential threats of fraudsters. Cybersecurity companies are working through artificial intelligent (AI) systems that can implement machine learning and deep learning techniques to recognize and prevent credit card fraud.