Title: Fraud detection and verification system for online transactions: a brief overview

Authors: Nidhika Chauhan; Prikshit Tekta

Addresses: Trimurti Bhawan, Kamla Nagar, Sanjauli, Shimla, H.P., 171006, India ' Tekta Lodge, Kamla Nagar, Bhatta-Kuffer, Sanjauli, Shimla, H.P., 171006, India

Abstract: Conducting transactions online is a general user behaviour nowadays with an alarming increase rate. It is completely hassle-free and becoming a habit of the users. Its most common example can be seen on various e-commerce platforms, where an increasing number of users are multiplying the number of transactions daily. With such a large network of online transactions, it is expected to have certain loopholes rendering such platforms to frauds and glitches. Therefore, in this paper, we will be discussing a fraud detection and verification system targeting online transactions mainly e-commerce. The paper stipulates certain techniques that can be used to authenticate any online transaction and if found fraudulent, it is followed by a verification mechanism that more or less helps to validate the authenticity of the transaction. The aspects laid down in this paper can no doubt be further scrutinised to build a robust fraud detection system, but certainly, they form a basis towards building a viable fraud detection system.

Keywords: fraud detection; online transactions; verification; detection; secure system; fraud verification; fraud; online; e-commerce; transaction.

DOI: 10.1504/IJEBANK.2020.114762

International Journal of Electronic Banking, 2020 Vol.2 No.4, pp.267 - 274

Received: 12 Jun 2019
Accepted: 14 Jan 2020

Published online: 22 Apr 2021 *

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