The Impact of Artificial Intelligence (AI) On Fraud Detection in Banks in Nigeria

This study was carried out on the impact of Artificial Intelligence (AI) on fraud detection in Banks in Nigeria. Five research questions and one hypothesis guided the study. Descriptive research design was used, the population of the study consisted of 123 employees in five selected Banks in Nigeria. 94 respondents were selected using Taro Yamene and was randomly sampled. The instrument used for data collection was a researcher designed questionnaire. Data generated was analyzed using descriptive statistics of mean and standard deviation and shown on bar chart while the hypothesis was tested using linear regression with the aid of SPSS. The results of the study established that credit card fraud, phishing scams, identity theft, payment fraud as well as forged signatures are the types of frauds in Banks in Nigeria; identified machine learning, deep learning, natural language processing, deep learning as well as clustering and anomaly detection are artificial intelligence that can be used in fraud detection in Banks in Nigeria; The impact of artificial intelligence on fraud detection includes enhances accuracy amongst others; challenges banks faces in deploying AI-driven fraud detection solution in Edo State includes lack of skilled personnel amongst others; skilled personnel amongst others are the challenges banks faces in deploying AI-driven fraud detection solution in Edo State; There is significant relationship between artificial intelligence and fraud detection in Banks in Nigeria. It was recommended that Banks should integrate AI with emerging technologies like blockchain and the Internet of Things (IoT) to enhance security and detection capabilities amongst others.