The Role of Blockchain in Banking Fraud Detection: Enhancing Security and Transparency

Abstract

The financial industry is becoming more concerned about banking fraud as cybercriminals use more advanced techniques to take advantage of weaknesses in conventional banking systems. This study investigates how blockchain technology can be used to identify and stop fraud in the banking industry.  The decentralized and unchangeable characteristics of blockchain technology provide improved security, transparency, and fraud detection effectiveness.  Banking organizations can develop strong fraud detection systems by combining blockchain technology with artificial intelligence (AI) and machine learning (ML). To examine the importance of blockchain as a new IT technology, this paper refers to "The Future of Banking Fraud Detection" and assesses the possible advantages, difficulties, and practical uses of blockchain in banking fraud detection.