AI-Driven Fraud Detection and Mitigation in e-Commerce Transactions

Hasan, Iqbal; Rizvi, SAM

doi:10.1007/978-981-16-6289-8_34

Cited by 16 publications

(7 citation statements)

References 10 publications

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“…First, the data collection and preprocessing phase is critical. Financial institutions accumulate a large amount of transaction data, including transaction amount, time, location and other information, which comes from a variety of sources, including ATMs, mobile applications, websites and other channels (Hasan and Rizvi, 2022).On this basis, the data is processed through data cleansing, conversion and standardization to ensure data consistency and analyzability, followed by feature engineering, which is a key part of building an effective monitoring model. In the feature engineering stage, raw transaction data is transformed into interpretable features suitable for machine learning algorithms.…”

Section: The Crucial Role Of Ai In Financial Transaction Detectionmentioning

confidence: 99%

Integration and transformation: The impact and applications of artificial intelligence in the financial sector

Lu,

Peng,

Ding

et al. 2024

ACE

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This paper explores the intersection of artificial intelligence (AI) and the financial sector, showcasing their transformative synergy. The integration of AI into finance has led to pioneering advancements like robo-advisors and AI-driven risk assessment methods. These innovations reshape investment strategies and risk management, ushering in a new era of financial operations. The study's focal question examines how AI recalibrates investment management, risk assessment, and fraud prevention in finance. The paper comprises sections on AI's impact on investment management, risk assessment, and fraud detection, detailing how robo-advisors provide personalized portfolio recommendations, AI aids risk identification and management, and transaction surveillance benefits from AI-powered fraud detection. Ethical, regulatory, and accountability considerations are discussed, reflecting AI's transformative influence on traditional financial paradigms. The application of AI in transaction detection and its role in enhancing portfolio recommendations, risk management, and automated trading are examined. While AI holds potential, its limitations such as data quality, model risks, and ethical concerns must be addressed. Regulatory oversight is crucial to ensure responsible AI implementation, fostering a balance between technological progress and financial stability. This paper underscores the intricate relationship between AI and finance, portraying AI's capacity to reshape the financial landscape and drive innovation

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Section: The Crucial Role Of Ai In Financial Transaction Detectionmentioning

confidence: 99%

Integration and transformation: The impact and applications of artificial intelligence in the financial sector

Lu,

Peng,

Ding

et al. 2024

ACE

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show abstract

“…I algorithms can assess and grade assignments, providing timely feedback to students and freeing up educators' time for more personalized teaching. AI supports language education through applications that adapt to users' proficiency levels, offering customized exercises and feedback (Hasan and Rizvi, 2022;George and George, 2023;Huang et al, 2023). AI is revolutionizing various industries, including transportation, streaming services, gaming, and cybersecurity.…”

Section: Economic and Social Implications Of Limited Electrificationmentioning

confidence: 99%

Role of Artificial Intelligence in Electrification of Africa

Ibegbulam C.M,

Aigbovbiosa, O.J,

Olowonubi, J.A

et al. 2023

Eng. sci. technol. j.

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The research explores the relationship between Artificial Intelligence (AI) and electrification in Africa, focusing on the challenges and emerging trends. The electrification deficit in Africa poses a significant impediment to economic development and social progress. This paper explores the pivotal role that Artificial Intelligence (AI) plays in addressing the challenges associated with electrification initiatives across the African continent. With its capacity for innovation and optimization, AI emerges as a transformative force capable of revolutionizing the planning, deployment, and management of electrification projects in a region characterized by diverse geographical landscapes and economic constraints. The paper investigates the potential of AI in addressing financial barriers associated with electrification projects. By facilitating innovative financing models, reducing operational costs, and attracting investments, AI contributes to creating sustainable and economically viable electrification solutions. The focus extends to decentralized energy systems and microgrids, exploring how AI can empower remote and underserved communities with reliable access to electricity. The socio-economic impact of AI-driven electrification initiatives is also scrutinized, emphasizing the potential for job creation, economic growth, and improved living standards. The paper discusses the importance of capacity building and local empowerment to ensure that AI technologies are effectively integrated into electrification projects while fostering inclusive and sustainable development. It highlights the role of AI in revolutionizing electrification, predicting electricity consumption and enabling decentralized solutions. AI-driven electrification has shown economic and social benefits, including enhanced productivity, improved quality of life, and increased market access. However, it also raises ethical concerns and privacy implications. The research emphasizes the need for proactive mitigation strategies and collaborations across sectors to drive regulatory frameworks, technological innovations, and global impact. The research envisions a future where AI plays a central role in fostering inclusive growth, connecting communities, and illuminating a digitally transformed and sustainable continent. Keywords: Artificial Intelligence, Electrification, Africa, Electricity, Energy

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“…Iqbal Hasan and SAM Rizvi (2022) also shed more light on the benefits of AI in PCI information security, especially for ecommerce transactions [20] identifying and mitigating threats AI can also be utilized for fraud detection in this sector as indicated in a 2010 study by Jia-fen. Jia-fen's study stresses the effectiveness of AI-driven strategies in detecting and preventing fraud within sophisticated payment systems [21].…”

Section: Literature Reviewmentioning

confidence: 99%

AI-Powered Enhancements in PCI Information Security: Safeguarding Transactions and Data

2023

IJIEMR

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With nearly 2 billion transactions made using credit cards per day, ensuring the security of sensitive payment information should stand as a top priority in the Payment Card Industry (PCI). Traditional cybersecurity strategies are becoming ineffective as threats grow more sophisticated. This trend has led to the increasing adoption of Artificial Intelligence (AI) in information security practices. This paper delves into the role of Artificial Intelligence (AI) in enhancing information security within PCI environments. The AI-driven strategies for PCI information security explored include threat detection, fraud prevention, behavioral analysis, advanced authentication, compliance monitoring, and predictive analytics. These strategies capitalize on AI's capacity to rapidly analyze extensive data, identify anomalies, and forecast threats, thereby bolstering defense mechanisms against evolving cyber risks. However, integrating AI into information security poses challenges and ethical concerns that all industry stakeholders must understand. This paper discusses these challenges and how the players in this industry can address them.

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AI-Driven Fraud Detection and Mitigation in e-Commerce Transactions

Cited by 16 publications

References 10 publications

Integration and transformation: The impact and applications of artificial intelligence in the financial sector

Integration and transformation: The impact and applications of artificial intelligence in the financial sector

Role of Artificial Intelligence in Electrification of Africa

AI-Powered Enhancements in PCI Information Security: Safeguarding Transactions and Data

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