Credit Card Application Fraud Detection
Application fraud is a form of identity theft, where an individual creates fraudulent accounts using someone else's personal information or fake information to apply for new products, often credit cards, bank accounts, and loans. Application fraud costs the financial sector millions each year. It’s important to catch fraudulent application, but it’s also critical that no barriers are put in place that will frustrate legitimate customers wanting to create new accounts. In this article, I'll focus on the credit card application fraud detection problem. The goal is to build an effective fraud detection model that helps the financial institutes confidently accept trusted new connections and keep out fraudsters.