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1. Introduction
One of the easiest ways to transfer the money from one account to another account is online transaction. This event can be performed from anywhere with the help of computer, internet or transaction device. Online transaction is a suitable and simplest way to perform online payment. You can use credit card, debit card or just use small credentials of your account for online transaction. Besides all security measures, different types of frauds have been reported for online payment. A risk in terms of fraud is associated with every online transaction (Papadopoulos and Brooks, 2011; Barker et al., 2008). It means fraud is an illegal activity (Bhatla et al., 2003; Bai and Chen, 2013) that produces loss in terms of trust, money, time and resources, etc. In online transaction fraud, candidate has to bear financial loss. Euromonitor International (Delamaire et al., 2009) quoted that 120 million credit cards, debit cards and charge cards were brought into use in Germany in 2004. The total transactions were performed by cards approximate €375bn in 2004 which was 4 per cent increase from 2003. This increase of credit card is because of high use of credit card and easily achievable of credit card fraud. Annual report provided information (Financial Fraud Action-UK, 2017) that only in the UK-card fraud loss was £467m in 2006 and it was increased to £567.5m in 2015. Credit card fraud may be achieved in various ways such as bankruptcy (a person who is not able to pay for transaction using credit card), theft fraud (credit card is used by someone else), counterfeit fraud (using credit cards details) and application fraud (credit card is applied with false information). In current scenario, there is huge increase in number credit cards, debit card and point of sale machine for performing online transaction as a result online transaction fraud is also increasing. There are various online fraud detection techniques available and performs well but society requires an improved fraud detection system because fraud is becoming more sophisticated. The focus of this paper is to analyzed different online fraud detection techniques using various methodology and parameters (Oracle Financial Services Software, 2014) use to present the fraud during online transaction. Information flow of this paper is organized...