Research Publications Authored by SLIIT Staff

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This collection includes all SLIIT staff publications presented at external conferences and published in external journals. The materials are organized by faculty to facilitate easy retrieval.

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Has files: YesSubject: search.filters.subject.Credit Card

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    Real-time credit card fraud detection using machine learning
    (IEEE, 2019-01-10) Thennakoon, A; Bhagyani, C; Premadasa, S; Mihiranga, S; Kuruwitaarachchi, N
    Credit card fraud events take place frequently and then result in huge financial losses [1]. The number of online transactions has grown in large quantities and online credit card transactions holds a huge share of these transactions. Therefore, banks and financial institutions offer credit card fraud detection applications much value and demand. Fraudulent transactions can occur in various ways and can be put into different categories. This paper focuses on four main fraud occasions in real-world transactions. Each fraud is addressed using a series of machine learning models and the best method is selected via an evaluation. This evaluation provides a comprehensive guide to selecting an optimal algorithm with respect to the type of the frauds and we illustrate the evaluation with an appropriate performance measure. Another major key area that we address in our project is real-time credit card fraud detection. For this, we take the use of predictive analytics done by the implemented machine learning models and an API module to decide if a particular transaction is genuine or fraudulent. We also assess a novel strategy that effectively addresses the skewed distribution of data. The data used in our experiments come from a financial institution according to a confidential disclosure agreement.
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    Credit Card Fraud Prevention Using Blockchain
    (IEEE, 2021-04-02) Balagolla, E. M. S. W; Fernando, W. P. C; Rathnayake, R. M. N. S; Wijesekera, M. J. M. R. P; Senarathne, A. N; Abeywardhana, K. Y
    With the advancement of online payments in various products and services, the likelihood of credit card fraud has risen compared to the decades-long history of credit cards. When blockchain systems' immutability meets smart contracts, third-party removal and decentralization could be met as a high level of security. Proposed blockchain with fraud detection technology will assist to mitigate fraudulent credit card transactions due to its intermediate parties. Authors propose a solution (B-Box.com) where credit card transactions are modeled on a blockchain so that the credit card processing can be decentralized and verifiable with an accredited set of computing nodes. This solution reduces fraud due to ambiguous contracts with the use of a smart contract between the bank and the customer. Also, this project includes a scaling mechanism to blockchain because the current projects have a lack of scalability. Moreover, the solution introduces a proactive anomaly detection to detect fraudulent credit card transactions, in which the system will resist frauds before the fraudulent transaction enters the blockchain. So the proposed solution will make transparency between the banks and the end-users and at the same time prevents frauds before it happens which helps the banks to save millions in otherwise lost due to fraud.