SMART SAFE PAY AI: REAL-TIME SCAM DETECTION IN DIGITAL TRANSACTIONS

Abstract

The Smart Safe Pay AI is an innovative solution designed to detect scams in digital transactions in real-time. Current systems fail to identify fraudulent activities before victim complete transactions, resulting in significant financial losses. To address this, our proposed system leverages AI technology and transaction history to identify unique transactions indicative of scamming activity. Scammers typically exhibit distinct patterns, with numerous solitary transactions. Our AI analyses transaction history, flagging accounts with unusually high frequencies of unique transactions. The system operates in two stages: real-time transaction analysis and geographic location analysis. Initially, it checks for repeated payments and unique transactions, warning senders if unique payments is more than repeated payments. In the second stage, Smart Safe Pay AI Check geographic locations of unique transactions. If transactions originate from different cities and the owner's account is located elsewhere, the account is marked fully red-flagged and bank authorities are notified. Verified business owners with multiple unique payments, repetitive transactions, and transactions below ?500 are exempt from flagging

Specification

Description:The current digital transaction systems cannot detect scams and fraud in real-time which makes scammers complete fraud transactions before victims realize. On basis of this We have design a Real time scam detection in digital transactions which is powered by AI. This system warns the victims before they enter the pin to make payment.

We propose integrating a 'Smart Safe Pay AI' feature into our banking system. This feature leverages AI technology and transaction history to identify unique transactions indicative of scamming activity. Typically, scammers' accounts exhibit a distinct pattern: the transactions which held once cannot be repeated that is unique transaction and if the scammer get 100 victims in a month, resulting in a transaction history filled with unique transactions.
, Claims:Claim 1: The proposed Smart Safe Pay AI system provides real-time fraud detection in digital transactions, enabling immediate alerts to users and significantly reducing the risk of financial loss from fraudulent activities.
Claim 2: The proposed system detects suspicious activities and promptly notifies the bank about flagged accounts, allowing for timely investigations and enhanced security measures.
Claim 3: The proposed system enhances banking operations by maintaining a comprehensive and accurate record of every account's transaction history, facilitating better monitoring and management of potential risks.

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