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Artificial Intelligence and Machine Learning for Fraud Detection in the U.S. Banking Industry: Regulatory Frameworks, Implementation, and Challenges

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AI and ML significantly enhance fraud detection capabilities in the banking sector, improving transaction security.
The study highlights the complexity of implementing AI technologies under regulations like the Gramm-Leach-Bliley Act.
Challenges include addressing data privacy concerns and ensuring algorithmic bias does not compromise system fairness.
AI/ML systems must demonstrate explainability to comply with regulatory frameworks, thus maintaining stakeholder trust.

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This research reveals enhanced fraud detection using AI and ML in banking, highlighting regulatory challenges.

Amoako et al. (2025) studied this question.

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