IMPACT OF ARTIFICIAL INTELLIGENCE IN DETECTING FINANCIAL FRAUDS IN NIGERIAN DEPOSIT MONEY BANKS

Abstract

The purpose of this study is to examine how artificial intelligence (AI) is used to identifying and detecting financial frauds in Nigerian deposit money banks. The study used primary data by eliciting response from 94 respondents who were chosen at random from the population of 125 employees in five Nigerian deposit money banks. A questionnaire that the researcher created served as the data collection tool. The data was analyzed using descriptive statistics such as mean and standard deviation and displayed in a bar chart. The findings of the study revealed that machine learning (ML), natural language processing (NLP) and Robotic Process Automation (RPA) served as artificial intelligence tools that can be used in detecting financial frauds in deposit money banks in Nigeria. The study concludes that AI and fraud detection are highly correlated in Nigerian banks and hence recommends that deposit money banks should integrate AI with new financial technologies, such as blockchain technology and the Internet of Things (IoT) to enhance safety and surveillance in Nigerian banks.