Deep Convolution Neural Network Model for Credit-Card Fraud Detection and Alert
Joy Iong‐Zong Chen, Kong-Long Lai
Abstract
With the exponential increase in the usage of the internet, numerous organisations, including the financial industry, have operationalized online services. The massive financial losses occur as a result of the global growth in financial fraud. Henceforth, devising advanced financial fraud detection systems can actively detect the risks such as illegal transactions and irregular attacks. Over the recent years, these issues are tackled to a larger extent by means of data mining and machine learning techniques. However, in terms of unknown attack pattern identification, big data analytics and speed computation, several improvements must be performed in these techniques. The Deep Convolution Neural Network (DCNN) scheme based financial fraud detection scheme using deep learning algorithm is proposed in this paper. When large volume of data is involved, the detection accuracy can be enhanced by using this technique. The existing machine learning models, auto-encoder model and other deep learning models are compared with the proposed model to evaluate the performance by using a real-time credit card fraud dataset. Over a time duration of 45 seconds, a detection accuracy of 99% has been obtained by using the proposed model as observed in the experimental results.