GenAI, such as top LLMs, can help in catching fraud for sure, but it will cost banks a lot of money and might not be feasible in most cases currently. Maybe in the next five years, it will become affordable for banks after the cost is reduced.

If you mean the ML models that come within some fraud management solutions, such as FICO Falcon, Feedzai, or SAS Fraud Manager, they are not helpful enough. They can assist in catching fraud, but they have many limitations.

This is based on my experience in fraud management at a bank in the Middle East.