A systematic review of literature on credit card cyber fraud detection using machine and deep learning

Abstract

The increasing spread of cyberattacks and crimes makes cyber security a top priority in the banking industry. Credit card cyber fraud is a major security risk worldwide. Conventional anomaly detection and rule-based techniques are two of the most common utilized approaches for detecting cyber fraud, however, they are the most time-consuming, resource-intensive, and inaccurate. Machine learning is one of the techniques gaining popularity and playing a significant role in this field. This study examines and synthesizes previous studies on the credit card cyber fraud detection. This review focuses specifically on exploring machine learning/deep learning approaches. In our review, we identified 181 research articles, published from 2019 to 2021. For the benefit of researchers, review of machine learning/deep learning techniques and their relevance in credit card cyber fraud detection is presented. Our review provides direction for choosing the most suitable techniques. This review also discusses the major problems, gaps, and limits in detecting cyber fraud in credit card and recommend research directions for the future. This comprehensive review enables researchers and banking industry to conduct innovation projects for cyber fraud detection.

Keywords

• Machine learning
• Deep learning
• Cyber security
• Credit card cyber fraud
• Bank industry
• Artificial intelligence