Significant Role of Digital Technology in Detecting Banking Frauds in India

The transition of banking to digital channels is causing a revolution in financial fraud. Fraud is a major issue for banks and financial institutions. Every year, billions of dollars are wasted to fraudsters who find methods to exploit system flaws. That is why it is critical to have strong fraud detection procedures in place. Fraud is a significant issue that has an impact on individuals, businesses, and banks alike. Fortunately, there are some digital technology that may be used to detect and stop banking fraud and scams. This research paper highlights that Banks and businesses can help safeguard themselves and their clients from fraudsters by utilizing technologies like machine learning algorithms, Artificial Intelligence, multi factor authentication, and fraud detection software. Artificial intelligence technology is particularly effective in detecting scams, with 63 percent of financial institutions stating that AI is capable of preventing cyber crime before it occurs.