Challenges and Complexities in Machine Learning based Credit Card Fraud Detection. (arXiv:2208.10943v1 [cs.CR])

Credit cards play an exploding role in modern economies. Its popularity and
ubiquity have created a fertile ground for fraud, assisted by the cross boarder
reach and instantaneous confirmation. While transactions are growing, the fraud
percentages are also on the rise as well as the true cost of a dollar fraud.
Volume of transactions, uniqueness of frauds and ingenuity of the fraudster are
main challenges in detecting frauds. The advent of machine learning, artificial
intelligence and big data has opened …

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