How does the credit card fraud detection system works?

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Most issuers use a product called Falcon.You can read more about the neural net based system on the page on FICO.Key factors include merchant reputation, geography, time of day, purchase amount, and category of merchant.

The system is like a brain, it sees you spending habits and how much you spend and where, and a human looks at it and lets it go through, or stops it and calls you.If you find your credit card missing, you will call and report it to the fraudster so they can't use it.The credit card company will decline your purchases if you try to buy what you can as quickly as possible.

Credit card fraud can be detected by identifying charges you didn't authorize.You can see bills for products or services you didn't buy in the mail with your statements.If you didn't open the card, you could get a bill for it.If you see something like this in your mailbox, don't ignore it.