AI-Driven Approaches to Financial Fraud Detection in Banks: A Research Perspective

Artificial Intelligence (AI) has changed the way we do business and is unquestionably a compelling aspect of the modern world. Every industry is impacted by technology, which is also vital to service delivery. Thanks to technological improvements, the banking and financial services sectors are able to leverage a variety of perspectives and resources that give them a competitive advantage in the fiercely competitive corporate world. The number of fraud cases has decreased thanks in large part to the use of AI-based products and services as Teradata, Feedzai, Riskified, Clari5, Razorpay Third Watch, AdvaRisk, Kount, and others. At the same time, the effectiveness and efficiency of business processes have increased.