Hands-On Artificial Intelligence for Cybersecurity

Dealing with credit card fraud

However, in light of the preceding discussion, financial institutions have introduced fraud prevention measures over time: in fact, financial institutions have introduced security measures based on two-factor authentication, which integrates traditional authentication procedures by sending an OTP code via SMS to the customer's mobile phone number to prevent abuse in the use of payment instruments.

However, the fact remains that such measures are not sufficient and the monetary losses that financial institutions suffer as a result of credit card frauds are still in the order of billions of dollars; therefore, the most effective prevention activities to reduce these losses are procedures based on fraud detection ...