AI in Financial Services: Fraud Detection and Risk Management

Today Artificial Intelligence serves as a substantial force that advances financial institutions by strengthening their ability to detect fraud and handle organizational risks. The growth of sophisticated financial fraud requires modern-day solutions which AI has proven to be better than traditional detection methods. This research investigates the impact of AI technology in banking institutions through its use cases while exploring methodologies together with advantages along with barriers it creates. This research shows that AI-controlled financial systems use data protection methods to minimize losses and produce better decisions with additional needed steps to protect data security and ethical standards.