The most accepted payment mode is credit card for both offline and online in today’s world, it will provide cashless shopping at every shop across the world. It will be the most suitable way to do online shopping, paying bills, and performing other related tasks. Hence risk of fraud transactions using credit card has also been increasing. In the prevailing credit card fraud detection processing system, fraudulent transaction will be detected after transaction is done. It is difficult to find out fraudulent and regarding losses will be barred by issuing authorities. Hidden markov mode is the statistical tools for engineers and scientists to solve various problems. Credit card fraud can be detected using hidden markov model during transactions. Hidden markov model aids to obtain a high fraud transaction coverage combined with low false alarm rate, thus providing a better and convenient way to detect frauds. Using hidden markov model, customer’s pattern is analyzed and any deviation from the regular pattern is considered to be a fraudulent transaction. So in our project we will be using hidden markov model to detect fraudulent transaction.
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