Of course, yes, AI has emerged as a prime element in detecting fraud, particularly in finance and banking. Huge amounts of data about real-time transactions are run through algorithms by the AI to try and identify abnormal and suspicious trends of fraudulent transaction patterns.
Machine learning models can be trained to recognize known fraud patterns and detect new ones, previously unseen fraud tactics. It allows systems to be able to raise an alarm regarding suspicious transactions in a given instance.
Hence, for a human investigator fraud catch-up can be done within less time, increases efficiency and reduces loss in cases, along with giving maximum security to the business firms and their customers, hence detection will be quicker as well as more accurate nature.