Generative AI in battling Fraud

Generative AI, a subset of artificial intelligence (AI) that comprises models such as GANs (Generative Adversarial Networks) and large language models (LLMs), has demonstrated enormous promise in a variety of domains, including picture generation and language translation. Recently, its use in fraud detection and prevention has emerged as a viable area. Fraud, including financial fraud, identity theft, and cybercrime, costs billions of dollars each year, and standard detection systems are restricted by their inability to foresee new fraud trends. Generative AI takes a novel approach to this problem, improving fraud detection systems using anomaly detection, predictive modelling, and reinforcement learning. This paper analyses Generative AI in battling different fraud.