Payment Systems Evolution: Role of AI in Fraud Detection and Prevention

Authors

  • Ranjitha P Independent Researcher Selvapuram, Coimbatore, India (IN) – 641026 Author

Keywords:

Payment systems, Artificial Intelligence, Fraud detection, Fraud prevention, Digital transactions, Machine learning, Anomaly detection, Author Name, Scopus, Springer, Journal Name, Wissira, Journal Short Form, Wissira Press, Wissira Research Lab, Research Gate, SSRN, ISSN, Academia, UGC Care, PubMed, WOS

Abstract

The evolution of payment systems from traditional cash-based methods to digital transactions has introduced both opportunities and vulnerabilities. Artificial Intelligence (AI) plays a transformative role in fraud detection and prevention by analyzing patterns, detecting anomalies, and predicting fraud in real-time. This paper explores the integration of AI in payment systems, evaluates its effectiveness, and discusses potential challenges. A literature review highlights prior research, and a methodological approach using case studies and AI tools provides insights into practical applications. The study concludes with a critical assessment of AI's impact, its limitations, and future opportunities in securing payment ecosystems. 

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Published

2024-10-03

Issue

Vol. 1 No. 4 (2024): Oct-Dec 2024

Section

Articles

How to Cite

Payment Systems Evolution: Role of AI in Fraud Detection and Prevention. (2024). International Journal of Engineering Research in Big Data Systems, 1(4), Oct (5-8). https://ijerbds.org/index.php/ijerbds/article/view/18