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VOL. 12, ISSUE 4 (2025)
Evaluating the efficacy of AI and ML in enhancing fraud detection capabilities in financial institutions
Authors
Mojisola Oladunni Jacob-Udeme, Godwin Emmanuel Oyedokun
Abstract
Financial fraud continues to pose a
significant challenge for banks and other financial institutions. This research
explores how Artificial Intelligence (AI) and Machine Learning (ML) influence
fraud detection through an analysis of the annual reports from UBA and Access
Bank covering the years 2020 to 2024. Important metrics such as rates of fraud
detection, occurrences of false positives, financial losses, and compliance
levels are examined. The results indicate that AI and ML improve fraud detection
and operational efficiency, although they encounter costs and regulatory
limitations. This study provides financial institutions and policymakers
valuable insights regarding optimising AI-enhanced fraud detection methods.
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Pages:23-29
How to cite this article:
Mojisola Oladunni Jacob-Udeme, Godwin Emmanuel Oyedokun "Evaluating the efficacy of AI and ML in enhancing fraud detection capabilities in financial institutions". International Journal of Multidisciplinary Research and Development, Vol 12, Issue 4, 2025, Pages 23-29
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