Machine learning is an artificial intelligence technique that involves the use of algorithms to examine vast data sets and gain insights into patterns and trends In the context of credit card fraud detection
machine learning can be used to analyze transaction data and identify suspicious patterns
For example, if a credit card is used to make a purchase in a location that is unusual for the cardholder, machine learning algorithms can flag the transaction as potentially fraudulent
Biometric authentication involves using physical or behavioral characteristics to verify the identity of the user
This technology can be used to prevent credit card fraud by adding an extra layer of security to the payment process
For example, facial recognition or fingerprint scanning can be used to confirm the identity of the cardholder before a transaction is authorized
Blockchain technology is a digital ledger system that is decentralized and ensures secure and transparent recording of transactions
This technology can be used to prevent credit card fraud by creating a tamper-proof record of all transactions