Fraud Detection and Prevention

AI Project Plan for Fraud Detection and Prevention Phase I: Business Understanding Focus: Define the goals, constraints, and initial requirements for the fraud detection and prevention project. Determine Business Objectives Organizational Objectives Reduce financial losses caused by fraudulent activities. Enhance customer trust by minimizing false positives in fraud detection. Improve operational efficiency by automating fraud detection processes. Business-Specific Objectives Detect fraudulent transactions in real-time across diverse channels (e.g., online banking, credit card usage, e-commerce). Develop models capable of identifying patterns of both known and novel fraudulent behaviors. Success Criteria Business Success Criteria Reduction in fraud-related losses by at least 20% within the first year of deployment. Decrease in the number of false positives by 30%, leading to better customer satisfaction. Real-time detection of 95% of high-risk transactions. AI Success Criteria Achieve a model precisio…