Credit Card Fraud Prediction using Machine Learning

With the COVID-19 pandemic, a new digital normal has emerged from the disruption to regular routines and behaviors. Individuals and businesses have been driven by unforeseen circumstances to expedite digital transformation and adopt innovative approaches in response to a volatile and uncertain situation. As consumers, our shopping patterns have evolved with the boom in the e-commerce sector, thus making credit card payments for online grocery shopping and food deliveries, the new convenience. There has been a proliferation of real-time payments fraud, as new near-instant payment platforms, including person-to-person (P2P) transfers and mobile payment platforms grow across Asia Pacific. We recently conducted a survey with banks in the region and found that 4 out of 5 (78 percent) have seen their fraud losses increase. Further to this, almost a quarter (22 percent) say that fraud will rise significantly in the next 12 months, with an additional 58 percent saying they expect a moderate rise in fraud.