A study on machine learning approaches to detect credit card fraud

Credit card usage has increased a lot nowadays. Due to online banking services and mobile banking applications, payments done through credit cards are growing year by year. As usage increased, frauds on them increased, which are resulting in severe consequences. Nowadays, most of the authors are using Machine Learning models to detect credit card frauds and produce noticeable results. In this paper, we gave a detailed study of those models with exciting insights. These are useful for researchers in finding the gaps in this domain and proposing novel solutions for their contributions.