Fraudulent Practice Detection in Bullion Trade in Selling of Gold Jewellery Through AI Methods

The Industrial 5.0 movement aims to bring new trends in the detection of fraudulent practices in the bullion trade along with others, streamline the identification of human errors in making transactions, and improve transparency to safeguard the economy, human health, and wealth. This paper focuses on deceptive practices adopted in transactions of bullion (gold) ornaments. The implementation of AI-based techniques and cloud-based data storage to automate and standardize the integration of data from all sources within the industry, eliminating calculation discrepancies. Data collected from these transactions is stored in the cloud to assess customer losses using AI methods. Daily transactions are logged and stored in a metadata file, and computational techniques, including Machine Learning (ML) and Deep Learning (DL), are used to calculate costs and potential gains for business owners precisely. This integration of legacy methods with proposed AI and ML/DL automation procedures forms the crux of our work, aiming to bridge the gap between traditional practices and advanced technologies in the industry.