A Comprehensive Framework for Strengthening USA Financial Cybersecurity: Integrating Machine Learning and AI in Fraud Detection Systems

Bello, Oluwabusayo Adijat and Folorunso, Adebola and Onwuchekwa, Jane and Ejiofor, Oluomachi Eunice (2023) A Comprehensive Framework for Strengthening USA Financial Cybersecurity: Integrating Machine Learning and AI in Fraud Detection Systems. European Journal of Computer Science and Information Technology, 11 (6). pp. 62-83. ISSN 2054-0957 (Print), 2054-0965 (Online)

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Abstract

Financial cybersecurity is of paramount importance in today's digital age, particularly in the United States, where the financial sector plays a crucial role in the global economy. With the increasing frequency and sophistication of cyber threats, traditional fraud detection systems are facing significant challenges in keeping pace with evolving risks. This paper presents a comprehensive framework for strengthening US financial cybersecurity by integrating machine learning (ML) and artificial intelligence (AI) techniques into fraud detection systems. The framework begins with an exploration of the fundamental concepts of financial cybersecurity, highlighting key threats and regulatory considerations. It then delves into the fundamentals of ML and AI, discussing their applications in fraud detection and the associated benefits and limitations. The design of the framework encompasses data collection, preprocessing, feature engineering, model selection, and integration with existing systems, emphasizing scalability and adaptability. Through case studies and best practices, the paper illustrates successful implementations of ML/AI in financial cybersecurity and draws lessons from real-world applications. Ethical and privacy considerations are addressed, emphasizing the importance of ethical guidelines, privacy protection, and regulatory compliance. Looking to the future, the paper discusses emerging trends in cyber threats and advancements in ML/AI technologies, while also acknowledging anticipated challenges. In conclusion, the framework outlined in this paper offers a holistic approach to enhancing US financial cybersecurity, emphasizing the critical role of ML and AI in mitigating cyber risks and safeguarding financial institutions and their customers. Recommendations for future research and implementation efforts are provided to further strengthen the resilience of financial systems against evolving cyber threats.

Item Type:	Article
Subjects:	T Technology > T Technology (General)
Depositing User:	Professor Mark T. Owen
Date Deposited:	11 Jun 2024 04:26
Last Modified:	11 Jun 2024 04:26
URI:	https://tudr.org/id/eprint/3077

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