AN EXAMINATION OF CREDIT CARD FRAUDS – TYPES, TECHNIQUES AND PREVENTION STRATEGIES IN INDIA

AUTHOR – CHARUMATHY B* & MS. T. VAISHALI**, LLM SCHOLAR* & ASSISTANT PROFESSOR OF LAW** AT THE TAMILNADU DR. AMBEDKAR LAW UNIVERSITY (SOEL), CHENNAI

BEST CITATION – CHARUMATHY B & MS. T. VAISHALI, AN EXAMINATION OF CREDIT CARD FRAUDS – TYPES, TECHNIQUES AND PREVENTION STRATEGIES IN INDIA, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (4) OF 2024, PG. 909-915, APIS – 3920 – 0001 & ISSN – 2583-2344.

ABSTRACT

Credit card fraud poses a significant challenge for India, with a growing number of instances involving unauthorized credit card use and financial losses emerging as a major concern. The paper explores different approaches to detect and prevent credit card fraud through smart data analysis, AI-powered machine learning, real-time transaction monitoring, as well as discussing prevention strategies like implementing two-factor authentication (2FA), secure payment systems, and educating consumers. Through the use of these tools and processes, banks, customers and beneficiaries can work together to minimize the risks of credit card fraud while also improving overall security measures.

Keywords: Credit Card, Frauds, Tools, Techniques, Prevention, Cyber, Transactions.