Anti-fraud Management System How Artificial Intelligence wins the game against fraudster?

Abstract

In today's business landscape the role of digital payments is getting more attractive not only to end-users but also to the cybercriminals. Fraudulent activities have grown more intricate and pervasive in our interconnected world. Ranging from credit card frauds and identity thefts to insurance and health care frauds, these actions have significant economic and social repercussions. Consequently, mitigating reputational risk and ensuring regulatory compliance have consistently been top priorities for banking and financial institutions. The purpose of this study is to examine the effect of Artificial Intelligence (AI) in supporting anti-fraud strategy for fraud detection and prevention, concerning the online payment frauds, in the banking industry.