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K. Venkataramana is an Associate Professor at QIS Engineering College, Ongole, Andhra Pradesh, India. He is involved in higher education and academic activities in engineering. His contribution focuses on the use of multimodal AI techniques for financial fraud detection and real-time transaction analysis.
The swift expansion of digital banking, online payment systems, mobile financial applications, e-commerce, and fintech services has markedly amplified the number and intricacy of financial transactions. While digital financial services provide convenience and efficiency, they simultaneously create avenues for advanced fraudulent schemes, such as credit card fraud, identity theft, account takeover, payment manipulation, money laundering, phishing-related financial assaults, and unauthorised transactions. This chapter introduces a conceptual multimodal artificial intelligence framework for the identification of financial fraud and the analysis of transaction risk in real time. The chapter examines data collection, preprocessing, feature extraction, multimodal integration, fraud categorisation, risk assessment, and intelligent transaction decision-making. It additionally explores implementations in digital banking, credit card protection, mobile transactions, insurance fraud detection, e-commerce, and anti-money laundering frameworks.