AI-Enhanced Data Mining for Fraud Detection in Financial Transactions

Financial frauds are on the rise globally, causing significant financial losses. This issue has far-reaching consequences, impacting the investment industry, government, and corporate sectors alike. Manual verifications and inspections are inaccurate, expensive, and time consuming for detecting such fraudulent operations. Artificial Intelligence (AI) and Machine Learning (ML) techniques should be used intelligently to identify fraudulent transactions by evaluating enormous amounts of financial data. The paper outlines a process of detecting financial fraud with the application of AI and machine learning. Finally, the paper discusses how organizations can leverage AI techniques for the detection of financial frauds.