Abstract:
Bank fraud is a widespread phenomenon which results in losses of billions of dollars every year. Among the various types of bank fraud, credit card fraud especially the ones resulting from ecommerce transactions constitute the largest share of bank fraud. This project evaluates the prevalent card not present (CNP) fraud detection techniques that affect merchants, identifying their flaws and presenting a viable solution to the situation which would quell the swelling tide of bank fraud currently taking the corporate world by storm.
