ARTIFICIAL INTELLIGENCE AND KEY RISK INDICATORS IN CYBER FRAUDS PREVENTION

Gabriel Nita, Larisa Gabudeanu, Cosmin Constantin Cernaeanu, Gabriel Margarit Raicu and Mircea Constantin Scheau
Additional contact information
Gabriel Nita: Babes-Bolyai University, Cluj, Romania
Larisa Gabudeanu: Babes-Bolyai University, Cluj, Romania
Cosmin Constantin Cernaeanu: University of Craiova, Romania
Gabriel Margarit Raicu: Constanta Maritime University, Romania
Mircea Constantin Scheau: University of Craiova / Constanta Maritime University, Romania

Journal of Financial and Monetary Economics, 2023, vol. 11, issue 1, 92-111

Abstract: Due to increasing economical impact due to the cyber fraud phenomenon, payment institutions allocate considerable resources to prevent this. An adequate implementation of risk indicators coupled with preventive mechanisms can lead to a decrease of losses. The protection mechanisms engineered through artificial intelligence could be a proper solution, but there are no specific legal requirements and frameworks for implementation and liability for such tools, aside from general cyber security, data protection and cyber-crime legal provisions. In this article we analyzed the impact of such preventive measures from multiple perspectives, including economical and legal. Our contribution entails a proposal for compliance evaluation of artificial intelligence tools for cyber fraud prevention, monitoring and adjustment thereof through analysis of the key risk indicator evolution over time.

Keywords: risk management; risk-based prioritization; cyber fraud governance; damage prevention; financial protection (search for similar items in EconPapers)
JEL-codes: D81 K24 O31 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.icfm.ro/RePEc/vls/vls_pdf_jfme/vol11i1p92-111.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vls:rojfme:v:11:y:2023:i:1:p:92-111

Access Statistics for this article

More articles in Journal of Financial and Monetary Economics from Centre of Financial and Monetary Research "Victor Slavescu" Contact information at EDIRC.
Bibliographic data for series maintained by Daniel Mateescu ().