Abstract
The integration of artificial intelligence (AI) and machine learning (ML) algorithms to detect fraud in financial transactions has entirely changed the field. Reconfiguration of financial product value chains necessitates the implementation of strong cybersecurity measures and advanced encryption techniques to protect sensitive financial data.. This chapter provides an insight into how AI and ML work as effective tools to deal with financial crimes, describing how they help improve fraud-detection capacities. AI and ML algorithms analyze financial data and make it possible for banks to prevent or mitigate issues such as risks. In addition, the study discusses the difficulties involved in applying AI and ML within the finance industry. Lastly, this study highlights the potential transformation that AI and ML can bring by strengthening the resilience of the financial ecosystem against evolving threats of fraud. According to this study, to effectively detect fraud, the financial and development supervisory agency must leverage more technology, particularly data analytics and AI.
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