Detecting Default Payment Fraud in Credit Cards

A credit card account is said to be in default if the payment into the credit card account is not done in due time because of credit card fraud. In many cases the default account credit card holders are found to be fraudsters. It is necessary for financial Institutions to determine which accounts may go into default so that they can take necessary preventive steps to curb any fraudulent transactions. The transactions of the clients can be observed and using this information if any account resembles a fraud, the financial institutions can take necessary actions like blocking the account. We have considered some standard machine learning algorithms for the classification of the default accounts. Later, we have proposed a model by combining the classification algorithms and critically examined it with other machine learning and deep learning models.