International Journal For Multidisciplinary Research
E-ISSN: 2582-2160
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Impact Factor: 9.24
A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal
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Volume 6 Issue 6
November-December 2024
Indexing Partners
Next-Generation Fraud Detection: A Technical Analysis of AI Implementation in Financial Services Security
Author(s) | Surendra Mohan Devaraj |
---|---|
Country | United States |
Abstract | This technical article presents a comprehensive analysis of next-generation fraud detection systems, focusing on AI implementation within financial services security frameworks. The article examines extensive data from multiple industry deployments, revealing significant improvements through AI-driven solutions. Key findings demonstrate that organizations implementing structured AI approaches achieve remarkable results, including a 94.5% detection accuracy rate, 82% reduction in false positives, and 400% improvement in processing speed. The article highlights that modern AI-driven systems can process over 75,000 transactions per second with 99.99% system availability, while reducing operational costs by 42% and achieving a 385% three-year ROI. Through sophisticated architectural analysis and implementation strategies, organizations have achieved significant improvements in fraud prevention, saving an average of $15.2M annually in fraud losses. The article establishes a clear correlation between implementation success and key factors such as executive support (98%), technical expertise (92%), and change management effectiveness (85%), providing a comprehensive roadmap for financial institutions undertaking AI-driven fraud detection initiatives. |
Keywords | Artificial Intelligence, Fraud Detection, Financial Services, Machine Learning, Risk Management |
Field | Computer |
Published In | Volume 6, Issue 6, November-December 2024 |
Published On | 2024-11-21 |
Cite This | Next-Generation Fraud Detection: A Technical Analysis of AI Implementation in Financial Services Security - Surendra Mohan Devaraj - IJFMR Volume 6, Issue 6, November-December 2024. DOI 10.36948/ijfmr.2024.v06i06.31012 |
DOI | https://doi.org/10.36948/ijfmr.2024.v06i06.31012 |
Short DOI | https://doi.org/ |
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