FinVision: AI-Driven Financial Fraud Detection

In this digital age, financial fraud is a big issue; most people use online banking; as well as using UPI payment methods; credit cards etc. to pay for their everyday purchases or bills. So, there has been a significant increase in the number of transactions taking place online. However, with the rapid development of digital financial services, there is an increase in the number of fraudulent transactions occurring. Many people and businesses are suffering from financial loss due to fraudulent transactions done by unauthorized users, identity theft and any other type of fraudulent activity. One of the focus areas of this research will be a system known as “FinVision” designed to detect and prevent financial fraud through a simple and effective means. Finvision detects fraudulent transactions using the transaction behavior of users. Every individual has their own way of spending money; every person has an average amount that they spend at a certain place; and at a certain time when they use a financial service (e.g: making a purchase at a store). FinVision will monitor the transaction behaviour of each user, and use that information as a baseline for future transactions made by that user through “FinVision.” If there is an unusual transaction made by the user (e.g., a new/unknown store; or a transaction that is larger than what the user normally makes; or if multiple transactions are made in a short period of time; etc.), “FinVision” will flag that transaction as being “suspicious.” FinVision has been developed to provide immediate alerts when suspicious activity is detected. Alerts may be sent to banks, financial institutions, and directly to customers. Because of the prompt notification, you can take swift action such as blocking a transaction, verifying the user is legitimate, or putting a temporary freeze on an account. Preventing further use of an account prevents potential financial loss to the account holder. FinVision is designed to work in re