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Harnessing the Use of Artificial Intelligence in Financial Fraud Detection

Shranjeno v:
izdano v:International Journal of Education and Management Studies vol. 15, no. 1 (Mar 2025), p. 116
Glavni avtor: Verma, Aaina
Drugi avtorji: Gupta, Mohit
Izdano:
Indian Association of Health, Research and Welfare
Teme:
Association of Certified Fraud Examiners Financial Times
Bank examiners
Machine learning
Artificial intelligence
Trends
Global economy
Credit card fraud
Fraud prevention
Neural networks
Identity theft
Money laundering
Batch processing
Bank examinations
Ethics
Credit card processing
Financial services
Financial institutions
Influence of Technology
Risk Management
Language Processing
Banking
Technological Advancement
Examiners
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Resumen:Fraud in the financial sector is a critical issue that adversely impacts financial institutions, businesses, daily lives, and also economy. The financial sector has always been to different types of fraud such as credit card fraud, identity theft, money laundering, and others. With the onset of advanced technologies, financial frauds have also evolved and become more sophisticated which are difficult to detect and prevent using the traditional rule-based system. This has led to the increasing importance of the latest technology such as Artificial Intelligence (АГ) and Machine Learning (ML). This paper is a conceptual study that discusses the various AI and ML capabilities and thereby assesses how they affect the effectiveness of financial fraud detection. This paper also attempts to identify various ethical concerns and challenges such as data privacy and quality, inherent biases and others in its implementation and recommend the best possible solution to it. Further, this paper extends its reach to future innovations and trends that are critical in the deployment of Al in financial fraud detection.
ISSN:2231-5632
2321-3671
Fuente:India Database