A novel and successful credit card fraud detection system Implemented in a Turkish Bank

Name: A novel and successful credit card fraud detection system Implemented in a Turkish Bank
Author: Duman, Ekrem, Buyukkaya, A., Elikucuk, I.

İsim	A novel and successful credit card fraud detection system Implemented in a Turkish Bank
Yazar	Duman, Ekrem, Buyukkaya, A., Elikucuk, I.
Basım Tarihi:	2013
Basım Yeri	- IEEE
Konu	Fraud, Meta-heuristics, Credit cards, Migrating birds optimization
Tür	Belge
Dil	İngilizce
Dijital	Evet
Yazma	Hayır
Kütüphane:	Özyeğin Üniversitesi
Demirbaş Numarası	978-1-4799-3143-9
Kayıt Numarası	5a5bafe3-d785-4f61-b98e-4371d13f9411
Lokasyon	Industrial Engineering
Tarih	2013
Notlar	Due to copyright restrictions, the access to the full text of this article is only available via subscription.
Örnek Metin	We developed a credit card fraud detection solution for a major bank in Turkey. The study was completed in about three years and the developed system has been in use since February 2013. It had a great impact in the rule based fraud detection process used by the bank. Indeed, while eighty percent of the rules have been eliminated and the number of alerts has been reduced to half, a significant increase in fraud detection has been recorded. As of now the system can catch ninety seven percent of fraud attempts online or, nearly online. The study is interesting in both the formulation of the problem and the algorithms implemented. In fact, we noticed that the standard classification algorithms are not fully suitable for the fraud detection problem (as the cost of every individual false negative can be different from the others), and we looked for alternative methods, especially the meta-heuristics. Among them the newly introduced migrating birds optimization algorithm (MBO) turned out to be superior and was implemented. In addition, during the study a cost sensitive decision tree algorithm was developed and introduced to the literature.
DOI	10.1109/ICDMW.2013.168

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A novel and successful credit card fraud detection system Implemented in a Turkish Bank

Yazar Duman, Ekrem, Buyukkaya, A., Elikucuk, I.

Basım Tarihi 2013

Basım Yeri - IEEE

Konu Fraud, Meta-heuristics, Credit cards, Migrating birds optimization

Tür Belge

Dil İngilizce

Dijital Evet

Yazma Hayır

Kütüphane Özyeğin Üniversitesi

Demirbaş Numarası 978-1-4799-3143-9

Kayıt Numarası 5a5bafe3-d785-4f61-b98e-4371d13f9411

Lokasyon Industrial Engineering

Tarih 2013

Notlar Due to copyright restrictions, the access to the full text of this article is only available via subscription.

Örnek Metin We developed a credit card fraud detection solution for a major bank in Turkey. The study was completed in about three years and the developed system has been in use since February 2013. It had a great impact in the rule based fraud detection process used by the bank. Indeed, while eighty percent of the rules have been eliminated and the number of alerts has been reduced to half, a significant increase in fraud detection has been recorded. As of now the system can catch ninety seven percent of fraud attempts online or, nearly online. The study is interesting in both the formulation of the problem and the algorithms implemented. In fact, we noticed that the standard classification algorithms are not fully suitable for the fraud detection problem (as the cost of every individual false negative can be different from the others), and we looked for alternative methods, especially the meta-heuristics. Among them the newly introduced migrating birds optimization algorithm (MBO) turned out to be superior and was implemented. In addition, during the study a cost sensitive decision tree algorithm was developed and introduced to the literature.

DOI 10.1109/ICDMW.2013.168