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One of the main goals of financial institutions (FIs) today is combating fraud and financial crime. To this end, FIs use sophisticated machine-learning models trained using data collected from their customers. The output of machine learning…
Decisions impacting human lives are increasingly being made or assisted by automated decision-making algorithms. Many of these algorithms process personal data for predicting recidivism, credit risk analysis, identifying individuals using…
Artificial intelligence (AI) continues to find more numerous and more critical applications in the financial services industry, giving rise to fair and ethical AI as an industry-wide objective. While many ethical principles and guidelines…
Concerns regarding fairness and bias have been raised in recent years due to the growing use of machine learning models in crucial decision-making processes, especially when it comes to delicate characteristics like gender. In order to…
AI prevails in financial fraud detection and decision making. Yet, due to concerns about biased automated decision making or profiling, regulations mandate that final decisions are made by humans. Financial fraud investigators face the…
The use of credit cards has recently increased, creating an essential need for credit card assessment methods to minimize potential risks. This study investigates the utilization of machine learning (ML) models for credit card default…
Anomaly detection has a wide range of real-world applications, such as bank fraud detection and cyber intrusion detection. In the past decade, a variety of anomaly detection models have been developed, which lead to big progress towards…
On electronic game platforms, different payment transactions have different levels of risk. Risk is generally higher for digital goods in e-commerce. However, it differs based on product and its popularity, the offer type (packaged game,…
Financial fraud cases are on the rise even with the current technological advancements. Due to the lack of inter-organization synergy and because of privacy concerns, authentic financial transaction data is rarely available. On the other…
Guaranteeing the security of transactional systems is a crucial priority of all institutions that process transactions, in order to protect their businesses against cyberattacks and fraudulent attempts. Adversarial attacks are novel…
Bank transaction fraud results in over $13B annual losses for banks, merchants, and card holders worldwide. Much of this fraud starts with a Point-of-Compromise (a data breach or a skimming operation) where credit and debit card digital…
The widespread use of machine learning in credit scoring has brought significant advancements in risk assessment and decision-making. However, it has also raised concerns about potential biases, discrimination, and lack of transparency in…
There is a growing demand for explainable, transparent, and data-driven models within the domain of fraud detection. Decisions made by fraud detection models need to be explainable in the event of a customer dispute. Additionally, the…
With the rapid development of technology, blockchain and artificial intelligence technology are playing a huge role in all walks of life. In the financial sector, blockchain solves many security problems in data storage and management in…
There is substantial evidence that Artificial Intelligence (AI) and Machine Learning (ML) algorithms can generate bias against minorities, women, and other protected classes. Federal and state laws have been enacted to protect consumers…
Machine learning and data mining algorithms have been increasingly used recently to support decision-making systems in many areas of high societal importance such as healthcare, education, or security. While being very efficient in their…
This comprehensive review paper provides a thorough examination of current advancements and research in the field of arc fault detection for electrical distribution systems. The increasing demand for electricity, coupled with the increasing…
Business Processes, i.e., a set of coordinated tasks and activities to achieve a business goal, and their continuous improvements are key to the operation of any organization. In banking, business processes are increasingly dynamic as…
The obstacles of each security system combined with the increase of cyber-attacks, negatively affect the effectiveness of network security management and rise the activities to be taken by the security staff and network administrators. So,…
The successes of Artificial Intelligence in recent years in areas such as image analysis, natural language understanding and strategy games have sparked interest from the world of finance. Specifically, there are high expectations, and…