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According to a report by Nasdaq, illicit funds flowing through the global financial system reached an estimated $3.1 trillion in 2023. This alarming figure underscores a surge in financial crimes, including fraud scams, check fraud, and identity theft, reflecting the increasing sophistication of fraud schemes worldwide. In response to this growing threat, this article explains the significant role of AI and ML in enhancing fraud management strategies for financial institutions, enabling organizations to detect and prevent fraudulent activities more effectively on a real-time basis. The key aspect of having an enterprise fraud management system is to prevent the fraudulent transactions before committing.