Fraud Detection and Risk Management Using AI in Business Intelligence
M. Sabari Ramachandran, S. Sajithabanu, A. Ponmalar, M. Mohamed Sithik, Jose Anand
Abstract
Fraudulent activities present significant challenges to organizations across various sectors, necessitating advanced techniques for detection and mitigation. Leveraging AI in BI offers promising solutions to enhance fraud detection capabilities and minimize risks effectively. It emphasizes importance of fraud detection and risk management strategies for safeguarding organizational assets, maintaining trust with stakeholders, The role of AI in BI focuses on machine learning techniques, deep learning approaches, and real-time fraud detection systems. Advanced techniques for fraud detection, including feature engineering, model evaluation, and explainable AI, and practical applications of AI-powered fraud detection and risk management in financial services, e-commerce, retail, and cybersecurity are illustrated through case studies. The chapter concludes by outlining future directions and emerging trends in AI, BI, and fraud detection, emphasizing importance of collaboration, ethical considerations, and knowledge sharing in addressing evolving challenges and opportunities.