International Journal For Multidisciplinary Research
E-ISSN: 2582-2160
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Volume 6 Issue 6
November-December 2024
Indexing Partners
Artificial Intelligence in Banking Fraud Detection: Enhancing Security Through Intelligent Systems
Author(s) | Rajaesh Kamisetty |
---|---|
Country | United States |
Abstract | The integration of Artificial Intelligence (AI) in banking fraud detection represents a significant advancement in financial security systems, fundamentally transforming how financial institutions approach fraud prevention and detection. This article examines the implementation and effectiveness of AI-powered systems in detecting and preventing fraudulent activities within the banking sector. Through comprehensive article analysis of machine learning algorithms, pattern recognition systems, and real-time data analytics, this article demonstrates how AI-based solutions significantly outperform traditional fraud detection methods in both accuracy and efficiency. The article findings indicate that AI systems achieve a marked improvement in fraud detection rates while substantially reducing false positives, enabling faster response times to potential threats, and automating previously manual investigation processes. The article reveals that AI-powered systems excel in analyzing vast quantities of transactional data in real-time, identifying subtle patterns and anomalies that may indicate fraudulent activities such as identity theft, account takeovers, and unauthorized transactions. Furthermore, the implementation of predictive analytics and adaptive algorithms shows continuous improvement in threat detection capabilities as these systems learn from new fraud patterns. The article also addresses critical challenges in AI implementation, including technical infrastructure requirements, data quality concerns, and privacy considerations, while providing strategic recommendations for financial institutions planning to adopt or enhance their AI-based fraud detection systems. These findings have significant implications for the banking industry's future security landscape, suggesting a paradigm shift in how financial institutions approach fraud prevention and risk management. |
Keywords | Artificial Intelligence, Fraud Detection, Banking Security, Machine Learning, Risk Management |
Field | Computer |
Published In | Volume 6, Issue 6, November-December 2024 |
Published On | 2024-11-21 |
Cite This | Artificial Intelligence in Banking Fraud Detection: Enhancing Security Through Intelligent Systems - Rajaesh Kamisetty - IJFMR Volume 6, Issue 6, November-December 2024. DOI 10.36948/ijfmr.2024.v06i06.31034 |
DOI | https://doi.org/10.36948/ijfmr.2024.v06i06.31034 |
Short DOI | https://doi.org/ |
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