As per the Nilson report, fraudulent activities targeting cards amounted to a loss of $32.34 billion globally in 2021, a 14 % increasefrom the previous year. Such practices can be combated by harnessing OpenAI’s powerful machine learning and automationcapabilities. Such advanced technologies help financial companies avoid any potential fraud and protect their esteemed clients'interests. Through the adoption and utilization of such innovative technologies., financial institutions will be better placed to protecttheir customers and entities from financial losses. Digital fraudsters are skilful in identifying loopholes and have developed cunningtechniques like phishing for unsuspecting victims and wittingly swindling money off them. They are also updated in using OpenAIto develop deceitful information to scam people. This has seen the emergence of names like WormGPT and FraudGPT, reliant ongenerative AI models used by tech corporations with fraud intents. As a result, fraud detection techniques have to evolve with timeas fraudsters progressively devise new techniques that bypass old and rigid banking security protocols and learn how to convinceunsuspecting individuals to dispatch their money to them.