The Future of Digital Financial Security: Integrating AI, Cloud, and Big Data for Fraud Prevention and Real Time Transaction Monitoring in Payment Systems

Abstract

 

In the era of 5G and the Internet of Everything (IoE), the roles of artificial intelligence (AI), cloud computing, and big data technologies in the realm of digital finance and security will become ever more crucial as the number of online payments steadily increases. The transformation of AI, cloud computing, and big data technologies decrees the paradigm of integration, a technological push towards building a robust framework for digital finance security. These technologies play a pivotal role in smart and efficient automation by enhancing decision-making and the scalability of security measures. The use of AI, cloud computing, and big data technologies is geared to serve as a surveillance and auditing mechanism for the monitoring of real-time transactions in payment systems. The blend of AI, cloud computing, and big data technologies cultivates the integration paradigm, shaping the framework of digital finance security. It is imperative for policy makers and stakeholders in the pertinent areas of software engineering to be attuned to the threats of evolving digital cyber-financial systems. This work highlights the use of AI, cloud computing, and big data technologies as a surveillance and auditing mechanism for the purpose of monitoring real-time transactions in payment systems. Finally, a discussion and future work are outlined.

In the digital age of the Internet of Everything (IoE) and 5th generation (5G) network technologies, the landscape of financial transactions between individuals and corporations will significantly shift from physical locations to the digital domain. The “cashless society” is on the verge of realization, and online payments are already accepted and facilitated by a myriad of vendors and service providers. Therefore, the number of web and mobile payments is projected to significantly swell in the coming years. To this end, it is paramount to build a secure network of financial operations that will provide confidential and secure transactions between parties and prevent forgery and attacks against online payment services. On the one hand, machine learning and artificial intelligence play a prominent role in enhancing the decision-making process of automated financial transaction operations. On the other hand, automation is highly sought after because of the inherent capability to perform a wide array of operations with high precision and consistency.