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Detection of a Credit Card Fraud - Assignment Example

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The paper "Detection of a Credit Card Fraud" highlights that fraud system using neural network technology for the past few years to protect credit card holders from thieves who steal their cards and use them immediately. This system tracks spending patterns…
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Detection of a Credit Card Fraud
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Extract of sample "Detection of a Credit Card Fraud"

A false positive happened, wherein customers are inconvenienced when their cards are temporarily suspended. However, we do not automatically suspend accounts, and we ensure that our customer care representatives call customers first before doing it. However, when customers are traveling abroad, it becomes harder to call them.

Other customers have been inconvenienced by false positives too, much to our dismay, but our system has benefits and safeguards too that we must consider. First, the system is working. Our fraud rate has dropped from 15 centavos to 6 centavos for every $100. This means we are also saving customers from the stress and inconvenience of having their available credit decreased or even depleted. Moreover, we have established safeguards against false positives. We advise you to call customer service at 1-800-553-0321 before traveling, to ensure smooth card transactions. You can also call the same number if you experience other related problems. In addition, we are also working on reducing false positives in the system. We are identifying these trends and including them in purchases that must not be tagged for suspension.

We are again truthfully sorry for the inconvenience you experienced. Rest assured that, by following these guidelines and improving our system, we can prevent similar events from happening again. Read More
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