Prospects for the Use of Artificial Intelligence to Combat Fraud in Bank Payments

Ch. 81. P. 959–971.

Rutskiy V., Aljarbouh A., Thommandru A., Elkin S., Amrani Y. E., Semina E., Mishchenko A., Sorokina N., Tsarev R.

The paper is devoted to the prospects of using artificial intelligence in the field of retail bank payments to combat financial fraud. Based on world experience and analysis of the situation in the field of digitalization and security of banking in Russia, the authors describe possible problems in the implementation of artificial intelligence technologies in retail banking payments related to the legal support of this technology and customer confidence. The authors conduct a sociological study of the bank customers’ attitude to financial fraud in bank payments and to the use of artificial intelligence technology. On the basis of a sociological survey, the authors conduct econometric modeling of financial fraud factors in retail bank payments and the possibility of using artificial intelligence to combat fraud. The authors reveal the ambiguous attitude of customers towards artificial intelligence technology and the insufficiently secure handling of customers with their personal data and bank card data. The authors draw conclusions on the need to create banking analytics tools for the market as a whole and to develop data collection systems for the operation of artificial intelligence algorithms, on the need to improve the regulatory framework for this field of banking and to raise the awareness of bank customers about the possibilities of artificial intelligence technology.

Keywords: digitalization, Financial literacy, Bank payments, Financial fraud, Artificial Intelligence

In book

Data Science and Algorithms in Systems: Proceedings of 6th Computational Methods in Systems and Software 2022, Vol. 2

Vol. 2. Book 597. Issue 1. , Cham: Springer, 2023.