Harnessing artificial intelligence and machine learning for fraud detection and prevention in Nigeria
Fraud poses a significant threat to Nigeria's burgeoning digital economy, impacting sectors like finance, e-commerce, healthcare, and education. Traditional methods struggle to keep pace with evolving fraud schemes. This paper investigates the potential of Artificial Intelligence (AI) and Machi...
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| Format: | Article |
| Language: | English |
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Elsevier
2025-03-01
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| Series: | Journal of Economic Criminology |
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| Online Access: | http://www.sciencedirect.com/science/article/pii/S294979142500003X |
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| author | Oluwaseun Isaac Odufisan Osekhonmen Victory Abhulimen Erastus Olarenwaju Ogunti |
| author_facet | Oluwaseun Isaac Odufisan Osekhonmen Victory Abhulimen Erastus Olarenwaju Ogunti |
| author_sort | Oluwaseun Isaac Odufisan |
| collection | DOAJ |
| description | Fraud poses a significant threat to Nigeria's burgeoning digital economy, impacting sectors like finance, e-commerce, healthcare, and education. Traditional methods struggle to keep pace with evolving fraud schemes. This paper investigates the potential of Artificial Intelligence (AI) and Machine Learning (ML) for enhanced fraud detection and prevention in Nigeria. We explore various AI methodologies, including supervised, unsupervised, and deep learning. We discuss their applications in anomaly detection, behavioural analysis, risk scoring, and network analysis. By leveraging AI's continuous learning capabilities, organizations can adapt to novel fraud tactics. The paper highlights the benefits of AI-powered fraud detection, including increased efficiency, improved accuracy, and proactive risk mitigation. However, challenges like technical limitations and regulatory considerations are acknowledged. Lastly, we examine the promising future of AI and ML in transforming the financial crime prevention situation in Nigeria. |
| format | Article |
| id | doaj-art-8c58bcd44b28473cb5343123bb1907c3 |
| institution | Kabale University |
| issn | 2949-7914 |
| language | English |
| publishDate | 2025-03-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Journal of Economic Criminology |
| spelling | doaj-art-8c58bcd44b28473cb5343123bb1907c32025-01-18T05:05:40ZengElsevierJournal of Economic Criminology2949-79142025-03-017100127Harnessing artificial intelligence and machine learning for fraud detection and prevention in NigeriaOluwaseun Isaac Odufisan0Osekhonmen Victory Abhulimen1Erastus Olarenwaju Ogunti2Department of Computer Engineering, The Federal University of Technology Akure, Ondo State PMB 704, NigeriaDepartment of Information and Communication Engineering, Elizade University, Ilara-Mokin 340271, Ondo State PMB 002, Nigeria; Corresponding author.Department of Computer Engineering, The Federal University of Technology Akure, Ondo State PMB 704, NigeriaFraud poses a significant threat to Nigeria's burgeoning digital economy, impacting sectors like finance, e-commerce, healthcare, and education. Traditional methods struggle to keep pace with evolving fraud schemes. This paper investigates the potential of Artificial Intelligence (AI) and Machine Learning (ML) for enhanced fraud detection and prevention in Nigeria. We explore various AI methodologies, including supervised, unsupervised, and deep learning. We discuss their applications in anomaly detection, behavioural analysis, risk scoring, and network analysis. By leveraging AI's continuous learning capabilities, organizations can adapt to novel fraud tactics. The paper highlights the benefits of AI-powered fraud detection, including increased efficiency, improved accuracy, and proactive risk mitigation. However, challenges like technical limitations and regulatory considerations are acknowledged. Lastly, we examine the promising future of AI and ML in transforming the financial crime prevention situation in Nigeria.http://www.sciencedirect.com/science/article/pii/S294979142500003XArtificial IntelligenceMachine learningFraud |
| spellingShingle | Oluwaseun Isaac Odufisan Osekhonmen Victory Abhulimen Erastus Olarenwaju Ogunti Harnessing artificial intelligence and machine learning for fraud detection and prevention in Nigeria Journal of Economic Criminology Artificial Intelligence Machine learning Fraud |
| title | Harnessing artificial intelligence and machine learning for fraud detection and prevention in Nigeria |
| title_full | Harnessing artificial intelligence and machine learning for fraud detection and prevention in Nigeria |
| title_fullStr | Harnessing artificial intelligence and machine learning for fraud detection and prevention in Nigeria |
| title_full_unstemmed | Harnessing artificial intelligence and machine learning for fraud detection and prevention in Nigeria |
| title_short | Harnessing artificial intelligence and machine learning for fraud detection and prevention in Nigeria |
| title_sort | harnessing artificial intelligence and machine learning for fraud detection and prevention in nigeria |
| topic | Artificial Intelligence Machine learning Fraud |
| url | http://www.sciencedirect.com/science/article/pii/S294979142500003X |
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