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Artificial Intelligence And Key Risk Indicators In Cyber Frauds Prevention

Author

Listed:
  • NITA, Gabriel

    (Babes-Bolyai University, Cluj, Romania)

  • GABUDEANU, Larisa

    (Babes-Bolyai University, Cluj, Romania)

  • CERNAEANU, Cosmin Constantin

    (University of Craiova, Romania)

  • RAICU, Gabriel Margarit

    (Constanta Maritime University, Romania)

  • SCHEAU, Mircea Constantin

    (University of Craiova / Constanta Maritime University, Romania)

Abstract

Due to increasing economical impact due to the cyber fraud phenomenon, payment institutions allocate considerable resources to prevent this. An adequate implementation of risk indicators coupled with preventive mechanisms can lead to a decrease of losses. The protection mechanisms engineered through artificial intelligence could be a proper solution, but there are no specific legal requirements and frameworks for implementation and liability for such tools, aside from general cyber security, data protection and cyber-crime legal provisions. In this article we analyzed the impact of such preventive measures from multiple perspectives, including economical and legal. Our contribution entails a proposal for compliance evaluation of artificial intelligence tools for cyber fraud prevention, monitoring and adjustment thereof through analysis of the key risk indicator evolution over time.

Suggested Citation

  • NITA, Gabriel & GABUDEANU, Larisa & CERNAEANU, Cosmin Constantin & RAICU, Gabriel Margarit & SCHEAU, Mircea Constantin, 2023. "Artificial Intelligence And Key Risk Indicators In Cyber Frauds Prevention," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 11(1), pages 92-111, October.
    • Handle: RePEc:vls:rojfme:v:11:y:2023:i:1:p:92-111
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    More about this item

    Keywords

    risk management; risk-based prioritization; cyber fraud governance; damage prevention; financial protection;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • K24 - Law and Economics - - Regulation and Business Law - - - Cyber Law
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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