An Evaluation of AI-Powered Fraud Detection in Mobile Money Transactions: A Case Study of Fintech Companies in Kebbi State
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Background of the Study
Mobile money has rapidly gained popularity in Nigeria, especially as financial inclusion has become a priority for both governmental and non-governmental organizations. Mobile money platforms, offering services such as payments, transfers, and financial inclusion, are becoming essential for individuals and businesses in rural and underserved areas (Alabi & Ogunleye, 2025). However, this digital financial ecosystem has also exposed users and service providers to the risks of fraud, including unauthorized transactions and identity theft.
Artificial Intelligence (AI)-powered fraud detection systems have emerged as a solution to combat these challenges, providing the capability to detect and prevent fraudulent activities in real time by analyzing transaction patterns, user behavior, and historical data (Okunade & Isehunwa, 2024). Fintech companies in Kebbi State are beginning to implement AI technologies to improve the security of mobile money transactions. This study evaluates how AI-powered fraud detection systems are being utilized by fintech firms in Kebbi State, focusing on their effectiveness and the challenges encountered in implementation.
Statement of the Problem
While AI-powered fraud detection systems have been successful in some markets, fintech companies in Kebbi State face significant challenges in fully utilizing these systems. Issues such as insufficient data quality, inadequate infrastructure, and limited expertise in AI technology hinder the effectiveness of fraud detection mechanisms. This study seeks to evaluate the effectiveness of AI in combating fraud within mobile money transactions and identify the challenges fintech companies face in the adoption of this technology.
Objectives of the Study
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To evaluate the effectiveness of AI-powered fraud detection systems in mobile money transactions in Kebbi State.
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To assess the challenges fintech companies face in implementing AI-powered fraud detection systems.
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To recommend strategies for improving the adoption and performance of AI-powered fraud detection in fintech companies in Kebbi State.
Research Questions
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How effective are AI-powered fraud detection systems in preventing fraudulent activities in mobile money transactions in Kebbi State?
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What challenges do fintech companies in Kebbi State face in implementing AI-powered fraud detection systems?
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What strategies can fintech companies in Kebbi State adopt to enhance the effectiveness of AI-powered fraud detection systems?
Research Hypotheses
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AI-powered fraud detection systems have no significant impact on reducing fraudulent transactions in mobile money services in Kebbi State.
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Challenges such as lack of skilled personnel and data quality do not significantly hinder the effectiveness of AI-powered fraud detection systems.
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Strategies for enhancing the use of AI-powered fraud detection systems have no significant effect on reducing fraud in mobile money transactions.
Scope and Limitations of the Study
This study focuses on fintech companies in Kebbi State that use AI-powered fraud detection systems within their mobile money platforms. Limitations include data availability from fintech firms, and the scope of the study is confined to mobile money services, excluding other fintech services such as online banking.
Definitions of Terms
AI-Powered Fraud Detection: The use of artificial intelligence algorithms to detect and prevent fraudulent activities in financial transactions.
Mobile Money Transactions: Financial transactions conducted through mobile phone applications, including payments, transfers, and bill settlements.
Fintech Companies: Financial technology companies that provide digital financial services, including mobile money and other online financial services.
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