Published Online:November 2024
Product Name:The IUP Journal of Bank Management
Product Type:Article
Product Code:IJBM021124
Author Name:Harsh Sen
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:24-39
With the increase in usage of technology, the number of digital frauds has been on an upward spiral year-on-year. As revealed in the annual report of the RBI, the number of frauds related to cards and Internet in FY2023-24 was 29,082, involving a total amount of 1,457 cr. This was around 10.46% of the total bank frauds in all areas of operations, which shows how grave the situation is. Banks all around the world are trying to develop security systems and educate their customers to prevent such frauds. With the advancement of artificial intelligence (AI)—especially machine learning (ML), which is a separate branch of AI—banks around the world are developing new models to combat the ever-increasing mountain of cyber frauds. With the growing sophistication of cybercriminals, traditional methods of fraud detection and prevention seem no longer sufficient. This has led banks to turn towards advanced technologies, and many banks in India have already started using fraud prevention and detection models based on AI, ML and data analytics to safeguard their operations and protect customers. This paper examines how AI can be leveraged by the banking sector to fight cybercrimes
The shift from the physical to the digital has become inescapable in recent times. However, the increased use of technology has impacted modern life both constructively and obstructively. Made in India, unified payments interface (UPI) became a pioneer in online payments and fund transfers, making the grueling process of money transfers and payments easier for people across the nation.