Unveiling the Future: A Review of Financial Fraud Detection Using Artificial Intelligence Techniques

Financial fraud is the illegal use of mobile platforms for transactions when credit card or identity theft is exploited to create fake money. With the spread of smartphones and online transaction services, financial fraud and credit card fraud have become rapidly growing issues. Accurate detection of financial fraud in this context is crucial, as it can result in significant financial losses. Therefore, we conducted a survey of machine learning, deep learning, and data mining methodologies for financial fraud detection. In our study, we evaluated our methodology for detecting fraud and handling vast financial data, contrasting it with artificial neural networks. Our reviewed process encompassed variable selection, sampling, and the utilisation of supervised and unsupervised algorithms. This allowed us to effectively identify financial fraud and process extensive financial datasets.