Digital problems require digital solutions: fraud detection in mobile financial services through artificial intelligence

Abstract

As technological improvements have infiltrated our mobile phones, concerns about security against financial fraud in the digital space have intensified. The convenience of transferring money, seeing our bank accounts and even exchanging crypto currencies all through our mobile applications can have an unexpected cost, our security against fraud. The financial services sector seems to have come to the conclusion that digital problems require digital solutions. As a result, we have seen a rapid implementation of artificial intelligence across the industry, particularly on mobile banking platforms. Through statistical analysis and professional testimonials, we will explore three key issues regarding fraud detection in the mobile banking sector. First, we want to assess the confidence that users have in artificial intelligence when it is applied to the fraud prevention process in mobile banking applications. Secondly, we will ask ourselves whether this confidence affects the adoption of mobile applications by consumers. Finally, the perspective of experienced banking professionals will give us an insight into the future applications of artificial intelligence financial services.