Critical Analysis of Role of Big Data in Credit Card Fraud Detection
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Credit card fraud has emerged as one of the most common types of frauds that have a huge impact over the consumers and more importantly the business of giants like Visa. Visa has suffered a loss of 500 million Pounds in credit card frauds. Therefore, with the aim of achieving effective and less intrusive credit card fraud detection mechanisms, credit card service providing companies like Visa are investing large amount of money and resources for the development of highly efficient algorithms and big data analytics technology.