Database Reference
In-Depth Information
Real-time business solution for credit or debit card
fraud detection
Let's get acquainted with the problem depicted in the following figure; when we make any
transaction using plastic money and swipe our debit or credit card for payment, the dura-
tion within which the bank has to validate or reject the transaction is less than five seconds.
In less than five seconds, data or transaction details have to be encrypted, travel over secure
network from servicing back bank to the issuing bank, then at the issuing back bank the en-
tire fuzzy logic for acceptance or decline of the transaction has to be computed, and the res-
ult has to travel back over the secure network:
Real-time credit card fraud detection
The challenges such as network latency and delay can be optimized to some extent, but to
achieve the preceding featuring transaction in less than 5 seconds, one has to design an ap-
plication that is able to churn a considerable amount of data and generate results within 1 to
2 seconds.
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