Credit Card Trans Fraud Detection EDA Project
Check out the Jupyter notebook here: https://jovian.com/tinliman21/project-2-eda
Overview Exploratory data analysis (EDA) is used by data scientists to analyze and investigate data sets and summarize their main characteristics, often employing data visualization methods.
About The DataSet (Kaggle)
This is a simulated credit card transaction dataset containing legitimate and fraud transactions from the duration 1st Jan 2019 - 31st Dec 2020. It covers credit cards of 1000 customers doing transactions with a pool of 800 merchants.
In today's world, a lot of processes are carried over the Internet to make our lives easier. But, on the other hand, many unauthorized and illegitimate activities that take place over it are causing major trouble for the growth of the economy. One of them being the fraud cases that misguide people and lead to financial losses. Major frauds reported recently occur through the malicious techniques that are made to work on Credit cards that are used for financial transactions over online platforms.
Types of credit card fraud
Credit card fraud falls into two basic categories:
Card present fraud Card-not-present fraud Card present fraud
Card present fraud is when the criminal uses a physical card, which is either stolen or duplicated, to make fraudulent purchases. Card present fraud can be the result of the theft of a card through robbery, pickpocketing, or mail theft.
Criminals may also leverage card skimmers installed at frequently used payment points to collect and store the card details when swiped; this data can then be used to produce a duplicate payment card, or clone.
Card-not-present fraud
Card-not-present fraud is when the criminal uses the details associated with the card, such as the card number, accountholder name, and CVV code, without having the card in their possession.
In some cases, card-not-present crime is accompanied by account takeover techniques. This is when fraudsters contact a credit card issuer and purport to be a legitimate card holder to change information associated with the account, such as a phone number or address. This will allow them to verify purchases and authenticate activity, thereby evading many fraud detection tools.