Credit Card Fraud Detection Using Deep Learning for Internet-of-Things Enabled Smart Digital Financial System

It is crucial to adhere to established protocols and effective techniques to prevent the theft of any sensitive information when paying with a credit card as banking and finance activities through the Internet-of-Things enabled smart digital financial system increase. Due to many factors, including the lack of financial data and the dynamic nature of transactions and the accompanying frauds, detecting such frauds is a significant challenge. This indicates the need for efficient strategies to combat credit card theft. In this study, a few machine learning-based methods and the associated difficulties have been briefly described. This chapter focuses on a deep learning method for Internet-of-Things enabled smart digital financial system. We discussed a case study of HSBC that serves nearly 40 million customers in over 63 countries. The relevance and benefits of the proposed methodology for the financial institutions has tremendous utilization of Internet-of-Things and advanced technologies, whether at local level or internationally, are highlighted by the instance of HSBC like financial institutions.