A Survey on Credit Card Fraud Detection Techniques in Banking Industry for Cyber Security

The technological revolution is accelerating due to a number of key enabling technologies, such as Artificial Intelligence (AI)/Machine Learning (ML), big data, blockchain, cloud computing, Internet of Thing (IoT). With the broad adoption of ever-improving internet technology, cyber security is of great importance in the banking industry due to the rising number of cyber attacks and crimes. Credit card fraud is one of the most serious threats facing the banking industry worldwide. Credit card fraud is expanding at an alarming rate and has developed into a significant problem, particularly as the volume of financial transactions involving credit cards continues to expand. In this paper, we have reviewed various credit card fraud detection techniques that can strengthen the defense against a range of frauds. Additionally, we analysed the findings and reported the research challenges. Finally, we compared various techniques and highlighted their advantages and disadvantages. This will help provide guidance for determining the most appropriate techniques for credit card fraud detection