Methodologies for Prevention of Fraudsters in Online Payment Systems: A Review

This comprehensive review analyzes the online payment fraud detection within the digital transactions domain. As fraudulent activities evolve in sophistication, the financial industry faces significant challenges, necessitating effective detection mechanisms. The review synthesizes existing methodologies, strategies, and technologies employed in identifying and preventing fraudulent transactions, ranging from traditional rule-based systems to advanced machine learning algorithms. By comprehensively exploring the current state of online payment fraud detection, the review illuminates the challenges, advancements, and promising directions in this dynamic field. This study critically evaluates various detection approaches, scrutinizing their efficacy and limitations. Beyond a retrospective analysis, the review serves as a guide for future research by identifying gaps and potential areas for improvement.