Authors: Ramya K. Cherukuvada, Raghu V. Kaspa
Abstract: Credit card fraud poses a substantial threat to the financial services industry, with billions of dollars lost annually across the globe. Traditional rule-based fraud detection systems are increasingly proving to be inadequate against sophisticated, constantly evolving fraud techniques. The dynamic nature of fraud demands equally dynamic countermeasures, and Artificial Intelligence (AI) has emerged as a highly effective solution. AI-powered fraud detection systems can learn from historical transaction data, recognize patterns, and adapt in real-time to detect potentially fraudulent activities. This paper provides an in-depth exploration of how AI is being leveraged in credit card fraud detection, the machine learning models used, real-world applications, challenges, and the future of fraud prevention technologies.
DOI: http://doi.org/10.61137/ijsret.vol.11.issue3.139
