Credit Card Fraud Model

Credit card fraud can occur through physical theft of the card, skimming devices, or through digital means such as phishing, hacking, or data breaches.

Motivation

1. Preventing financial loss

2. Preserving tust

3. Streamlining the transaction process: by integrating fraud detection systems, false positives (i.e., legitimate transactions flagged as fraudulent) can be minimised, improving the overall transaction experience for customers.

Expect output

The expected output of the model is typically a binary classification—either the transaction is fraudulent (1) or it is not (0). However, some models might provide a risk score that indicates the likelihood of a transaction being fraudulent.