Abstract: In the current days, with, the usage of credit cards has increased radically due to its varied benefits. The mode of payment through credit card has made people’s life easy for both online and ordinary purchases and thus widespread. This enormous usage of credit card leads to different frauds. Due to the rise and rapid growth of E-Commerce, use of credit cards for online purchases has dramatically increased and it caused an explosion in the credit card fraud. As credit card becomes the most popular mode of payment for both online as well as regular purchase, cases of fraud associated with it are also rising. In real life, fraudulent transactions are scattered with genuine transactions and simple pattern matching techniques are not often sufficient to detect those frauds accurately. This system seeks to investigate the current debate regarding the credit fraud in the banking sector and vulnerabilities in online banking and to study some possible remedial actions to detect and prevent credit fraud. The system reveals lots of channels of fraud in online banking which are increasing day by day. These kinds of fraud are the main barriers for the e-business in the banking sector. This system also gives the details of a survey of various techniques used in credit card fraud detection mechanisms and evaluates each methodology based on certain design criteria.
Keywords: Fraud detection, credit card, BLAST-SSAHA method, E-Commerce.