IDEAS home Printed from https://ideas.repec.org/a/spr/ijsaem/v14y2023i6d10.1007_s13198-023-02043-7.html
   My bibliography  Save this article

Review the role of artificial intelligence in detecting and preventing financial fraud using natural language processing

Author

Listed:
  • Pallavi Sood

    (Chitkara University)

  • Chetan Sharma

    (upGrad Education Private Limited)

  • Shivinder Nijjer

    (Chitkara University)

  • Sumit Sakhuja

    (Chitkara University)

Abstract

Frauds accounted for significant losses in the financial sector and emerged as the industry’s biggest challenge. Companies invest significant amounts to prevent such fraud. It has been reported that 63.6% of the financial institutions that use Automated Fraud prevention methods successfully prevented frauds before their occurrence. Some estimations suggest that 80% of specialists are confident in cutting down fraud using Artificial Intelligence (AI)-based platforms. Several research studies have also administered AI-based techniques for fraud prevention. This study takes a systematic literature review approach to uncover the emerging areas of fraud detection using AI. The authors have analyzed 241 research articles published in the last 20 years. The Scopus database was the source of the articles in the literature review. The meta-analysis and network analysis were carried out, and the output shows the up trend of this research domain. Author-coauthor network collaboration is analyzed using the VOSviewer tool. K-means clustering was performed to identify the critical research domain, and future research areas were also identified. This research will act as a reference for future scholars who want to perform analysis on the application of AI techniques in financial fraud detection and prevention. We finally conclude the study by identifying the scope of future research and will be a value addition for financial fraud researchers.

Suggested Citation

  • Pallavi Sood & Chetan Sharma & Shivinder Nijjer & Sumit Sakhuja, 2023. "Review the role of artificial intelligence in detecting and preventing financial fraud using natural language processing," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 14(6), pages 2120-2135, December.
    • Handle: RePEc:spr:ijsaem:v:14:y:2023:i:6:d:10.1007_s13198-023-02043-7
    DOI: 10.1007/s13198-023-02043-7
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s13198-023-02043-7
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s13198-023-02043-7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:ijsaem:v:14:y:2023:i:6:d:10.1007_s13198-023-02043-7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.