The credit card validation process is a process in which the credit card number is checked. The credit card number is an encrypted string of numbers that are validated by the issuing bank. The process may include checking if the credit card has been reported stolen, expired, or used fraudulently.
In other words, credit card validation is the process of confirming that a user's credit card details are valid. It is usually done by the merchant in order to reduce fraud and protect their businesses. By validating the customer’s credit card details, they can be sure to create a safer transaction.
Large amounts of money are lost in credit card fraud. For example, in 2017, $21 billion was lost due to fraud globally. Fraudsters find ways to tamper with credit cards and other financial information which leaves businesses at risk of losing money.
Fraud detection refers to the process of identifying fraudulent transactions, which occur when someone uses a card without permission or with malicious intent. Firms use different methods to detect fraud, but an increasingly popular option is data mining and machine learning techniques that find patterns in past fraudulent transactions.
A typical credit transaction might involve a user using their credit card to buy a laptop from a store. The customer completes the purchase by typing in their name and credit card number into the payment form on the store's website, and then clicking "submit". The customer's purchase would then be reviewed by either a person or an automated system.
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