Hybrid artificial intelligence approach to counterfeit currency detection

Abstract

The use of physical money continues, posing ongoing challenges in the form of counterfeit money. This problem not only poses a threat to economic stability but also undermines confidence in the financial systems in use. Traditional methods such as manual inspections and testing of security features have become ineffective in detecting advanced counterfeiting techniques on an ongoing basis. This study proposes a hybrid model that harnesses the power of artificial intelligence, combining convolutional neural networks (CNNs), long short-term memory networks (LSTMs), and support vector machines (SVMs) for counterfeit detection. The proposed model leverages the diverse strengths of a number of artificial intelligence techniques, combining the ability to detect counterfeiting, analyse visual aspects, and sequences of banknotes. The proposed model was tested using real Jordanian currency sets of different denominations and datasets generated using generative adversarial networks (GANs). The results showed that the model was able to detect counterfeiting with high accuracy of 98.6%. and minimal errors compared to other methods. This outstanding performance demonstrates the benefits of integrating artificial intelligence (AI) technologies and that there is room for development and solutions that can keep up with advanced counterfeiting strategies. The study demonstrates the importance of integrating AI in maintaining the integrity of physical currency transactions.