The AI in emerging market reveals that 85% of all respondents currently use some form of AI to boost speed and efficiency, with 77% saying it is one of their most important investment areas going forwards.
Banks and financial institutions are inherently vulnerable to fraud and scams, which is why being able to detect as digital banking apps and online spending continues to grow, so must the efforts to detect and prevent fraud.
(a) Research on the various research papers based on the machine learning and artificial neural network techniques and review of latest detection techniques mainly from 2017-2020(b) Analysis of advantages and limitations for the latest research paper
(c) Model building based on the implementation of reviewed paper and full process experiment based on actual financial transaction dataset
(d) Deriving the result in specific way through validation on each step in the process
(e) Comparison with traditional machine learning and deep learning based on artificial neural networks for fraud detection.
Banking institutions should ideally build or integrate advance models that help predict future instances of fraud to proactively catch irregularities.
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