Credit card fraud detection is a challenging problem that banks and credit card issuers are struggling with and are making huge efforts in implementing fraud detection systems. In today’s banking system, fraud detection is often done by using rule based methods. However, the progress and development of machine learning techniques gives banks and financial institutions the possibility to detect an unusual situation faster for big financial data sets. Machine Learning is a branch of Artificial Intelligence that has become very popular, and useful, in the last 10-15 years. One definition of Machine Learning is that it is the semi-automated extraction of knowledge from data. In this research work discusses different machine learning based credit/debit card fraud detection and challenges.