The development of Artificial Intelligence (AI) has created a double effect in the banking sector. While it supports the detection of fraud and cybersecurity applications, it also delivers advanced tools for cybercriminals to carry out advanced financial frauds. Techniques such as fake identities, phishing, Ransomware, Malware, Trojan horses are the most common attacks nowadays. With the increasing use of online banking, mobile payments, and digital financial service platforms, the number of cyber-supported banking frauds has increased internationally. This paper examines the increasing trend of banking frauds in the era of artificial intelligence, analyses the increasing cybersecurity challenges, and discovers technological strategies to make strong financial security. This study highlights the need for innovative cybersecurity frameworks and collaboration between financial service institutions and technology providers to efficiently fight AI-supported financial crimes.
Bhatt Ishita Rajeshbhai (Mon,) studied this question.