The Importance of Credit Card Fraud Detection in the Digital Age

Abstract

It is true that credit card transactions pave part of daily life in today’s digital economy. Also, it is undeniable that this assurance comes at a cost: it has inadvertently opened the floodgate on one of the most daunting challenges to financial safety-credit card fraud. Credit card fraud causes billions of dollars in losses annually, which is brought about by unauthorized transactions carried out using information related to stolen or cloned credit cards. As such, fraud is very difficult to trace and prevent because advanced technologies and strategies are involved.