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The evolution of secured and reliable internet facilities have greatly influence the advancement in the global e-commerce, making online transaction more efficient and even more promising for the future decades. The uses of credit card become more popular for online purchases due to the ease and availability of internets. Financial fraud pattern also changes and increases rapidly with the development of modern technology which conversely increases the level of fraudulent transactions in credit card resulting in huge losses. However, several credit card fraud detection techniques have been developed to address the problem. In this paper, different fraud detection method have been reviewed and classified based on the approaches used. Also, the major limitation and reasons why most methods are not very efficient are also presented. Furthermore, this paper proposed the application of VAT algorithm as a clustering algorithm to improve on the limitations of credit card detection methods. |
