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The Use of Machine Learning for the Purpose of Combating Bank Fraud
Caprian Iurie

Caprian, Iurie. (2023) “The Use of Machine Learning for the Purpose of Combating Bank Fraud.” Business Inform 7:140–145.
https://doi.org/10.32983/2222-4459-2023-7-140-145

Section: Finance, Money Circulation and Credit

UDC 004.056.5;343.72:[336.7+351.853]

Abstract:
Machine learning is a specific field of artificial intelligence that allows an information system to learn and improve itself autonomously using neural networks and deep learning, without the need for explicit programming, by ingesting large amounts of data. With the deepening of banking activity at the global level in cyberspace, the problems of a different kind, which are considered bank frauds, have become substantially more acute. Combating them required the examination of a gigantic volume of information, which as a task can only be achieved with artificial intelligence solutions, including the use of automatic learning technologies. Systems based on automatic learning are capable not only of analyzing the available information, but also of making certain predictions and self-learning conclusions, which allows not only the detection of existing forms of bank fraud, but to a certain extent to prevent it by detecting anomalies in customer behavior. At the moment, the global information industry has developed different forms of automatic learning, which can be adapted to the detection of fraud in different forms of banking activity. The development, implementation and further development of banking information systems based on automatic learning requires the completion of certain stages and the observance of mandatory rules.

Keywords: machine learning, bank, customer, fraud.

Bibl.: 13.

Caprian Iurie – Postgraduate Student, State University of Moldova (60 Alexei Mateevici Str., Chisinau, Moldova)
Email: [email protected]

List of references in article

“4 Best Practices of Machine Learning Application in the Banking Sector“. https://fayrix-software.medium.com/4-best-practices-of-machine-learning-application-in-the-banking-sector-20c7aed6dad4
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“Data Science in Banking: Fraud Detection“. https://www.datacamp.com/blog/data-science-in-banking
“Financial Fraud Detection Using ML and Measures to Prevent It“. https://binariks.com/blog/financial-fraud-detection-machine-learning/
“How Machine Learning is Used in Finance and Banking“. https://exadel.com/news/how-machine-learning-is-used-in-finance-and-banking/
Jeffers, J. “Fraud Detection in Banking Using Machine Learning“. https://securityboulevard.com/2023/04/fraud-detection-in-banking-using-machine-learning/
“Machine learning“. https://en.wikipedia.org/wiki/Machine_learning
Sharma, S. “Applications of Machine Learning and AI in Banking and Finance in 2023“. https://www.analyticsvidhya.com/blog/2023/03/machine-learning-and-ai-in-banking-and-finance/#:~:text=Machine%20learning%20systems%20can%20detect,it%20comes%20to%20regulatory%20compliance
Shmat, D. “Machine learning in banking: 8 use cases and implementation guidelines“. https://www.itransition.com/machine-learning/banking
Sidelov, P. “Machine Learning in Banking: Top Use Cases“. https://sdk.finance/top-machine-learning-use-cases-in-banking/
“What is deep learning?“ https://www.techtarget.com/searchenterpriseai/definition/deep-learning-deep-neural-network#:~:text=Deep%20learning%20is%20a%20type,includes%20statistics%20and%20predictive%20modeling.
“What is machine learning?“ https://www.ibm.com/topics/machine-learning

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