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How Ai and Machine Learning Improve Fraud Detection in Financial Transactions.

Year: 2024

Type: article

Abstract: Financial fraud poses significant risks to both institutions and consumers in the digital economy.Traditional detection methods often fail to keep pace with sophisticated fraudulent schemes.This paper examines the integration of Artificial Intelligence (AI) and Machine Learning (ML) in enhancing fraud detection within financial transactions.By analysing vast datasets in real-time, AI-driven models can identify anomalous patterns indicative of fraud.The study reviews various AI methodologies, discusses their benefits and challenges, and explores future directions, including the integration of blockchain technology to improve data integrity and transparency.

Source: International Research Journal of Education and Technology (IRJET).

DOI: 10.70127/irjedt.vol.8.issue03.2403

Author: Shweta Vinayak Rasal

Language: English

Topic: Imbalanced Data Classification Techniques

Subfield: Artificial Intelligence

Field: Computer Science

Domain: Physical Sciences

Open Access status: hybrid

OpenAlex ID: W4410184348

FWCI:

Cites: 5

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Related to: 10