Credit Card Fraud is one of the biggest threats to business establishments today. To combat the fraud effectively, it is important to first understand the mechanisms of executing a fraud. The purpose of this white paper is to study different types of frauds,how fraudsters attempt to take advantage of loopholes,impact of credit card fraud on card holders, merchants, issuers, fraud detection system could help maintain the cost of detecting fraud techniques, how skimming works & use of Neural networks in fraud detection.

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