Role of Data Mining in E-Payment systems

TL;DR

This paper surveys how data mining techniques are applied to enhance security, detect fraud, and improve efficiency in electronic payment systems, highlighting recent approaches and future research directions.

Contribution

It provides a comprehensive overview of recent data mining applications specifically in e-payment systems, focusing on secure multiparty computation and potential future work.

Findings

Data mining improves fraud detection in e-payments.

Secure multiparty computation enhances privacy in transactions.

Future research directions include handling complex data and visualization methods.

Abstract

Data Mining deals extracting hidden knowledge, unexpected pattern and new rules from large database. Various customized data mining tools have been developed for domain specific applications such as Biomedicine, DNA analysis and telecommunication. Trends in data mining include further efforts towards the exploration of new application areas and methods for handling complex data types, algorithm scalability, constraint based data mining and visualization methods. In this paper we will present domain specific Secure Multiparty computation technique and applications. Data mining has matured as a field of basic and applied research in computer science in general. In this paper, we survey some of the recent approaches and architectures where data mining has been applied in the fields of e-payment systems. In this paper we limit our discussion to data mining in the context of e-payment systems. We also mention a few directions for further work in this domain, based on the survey.