Role of AI in Financial Industry to Detect and Prevent Fraud

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Role of AI in Financial Industry to Detect and Prevent Fraud

Shubham Singh Kirar, Sarthak Choudhary, Krishnam Tekriwal, Varun Sharma

Universal Business School

Karjat, Maharashtra, India

Abstract

This research paper explores the pivotal role that Artificial Intelligence (AI) plays in the financial industry, specifically in the realm of fraud detection and prevention. As financial transactions increasingly migrate to digital platforms, the need for robust security measures has become paramount. This paper examines how AI technologies, such as machine learning and data analytics, are employed to identify and mitigate fraudulent activities. By analyzing existing literature, case studies, and industry reports, we aim to provide a comprehensive understanding of the effectiveness and challenges associated with integrating AI into financial systems.

Keyword: Artificial Intelligence, AI in Finance, Fraud Detection using AI

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