THE IMPACT OF ARTIFICIAL INTELLIGENCE MODELS IN FRAUD DETECTION IN MOBILE BANKING: A CASE STUDY OF POLARIS BANK, SOKOTO STATE
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Background of the Study
The rapid growth of mobile banking has revolutionized the financial sector, offering customers seamless access to banking services. However, this convenience has been accompanied by an increase in fraudulent activities, including identity theft, phishing attacks, and unauthorized transactions. In Nigeria, mobile banking fraud poses significant threats to the financial sector, eroding customer trust and leading to substantial financial losses for banks and customers alike.
Artificial Intelligence (AI) models have emerged as a critical tool for fraud detection in mobile banking. Unlike traditional rule-based systems that often struggle with sophisticated fraud schemes, AI models leverage machine learning algorithms, pattern recognition, and behavioral analysis to detect anomalies in real-time. These models can analyze vast datasets, identify suspicious activities, and adapt to emerging fraud trends, significantly enhancing fraud prevention capabilities.
Polaris Bank, with its extensive customer base in Sokoto State and beyond, faces challenges in safeguarding its mobile banking platform against fraudulent activities. This study explores the application of AI models in fraud detection at Polaris Bank, focusing on their effectiveness in enhancing transaction security, reducing fraud-related losses, and restoring customer confidence in mobile banking services.
Statement of the Problem
Fraudulent activities in mobile banking have become increasingly sophisticated, making it difficult for traditional detection systems to keep pace. Polaris Bank, Sokoto State, has experienced challenges in combating fraud effectively, leading to financial losses and reduced customer trust. This study investigates how AI models can address these challenges, providing real-time fraud detection and prevention mechanisms to enhance mobile banking security.
Aim and Objectives of the Study
Aim:
To assess the impact of Artificial Intelligence models on fraud detection in mobile banking at Polaris Bank, Sokoto State.
Objectives:
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To identify the limitations of existing fraud detection methods in mobile banking at Polaris Bank.
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To evaluate the application of AI models in detecting fraudulent activities in mobile banking.
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To assess the effectiveness of AI models in reducing fraud-related losses and improving customer trust.
Research Questions
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What are the limitations of current fraud detection methods in mobile banking at Polaris Bank?
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How do AI models improve the detection and prevention of fraud in mobile banking?
Research Hypotheses
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AI models significantly enhance the accuracy of fraud detection in mobile banking.
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The adoption of AI models reduces financial losses caused by fraudulent activities.
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AI-based fraud detection systems improve customer trust in mobile banking services.
Significance of the Study
This study provides insights into the role of AI models in combating fraud in mobile banking. It highlights how Polaris Bank can leverage AI technologies to enhance transaction security, protect customer assets, and maintain confidence in digital banking platforms. The findings contribute to the growing body of knowledge on AI applications in financial services, offering practical recommendations for fraud prevention.
Scope and Limitation of the Study
The study focuses on the use of AI models for fraud detection in the mobile banking operations of Polaris Bank, Sokoto State. Limitations include the scope of the study being restricted to a single financial institution and geographic region, which may affect the generalizability of findings to other banks or regions.
Definition of Terms
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Artificial Intelligence (AI): The simulation of human intelligence in machines to perform tasks such as decision-making, learning, and problem-solving.
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Fraud Detection: The process of identifying and preventing unauthorized or malicious activities in financial transactions.
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Mobile Banking: Banking services offered through mobile devices, enabling customers to perform financial transactions remotely.
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Polaris Bank: A Nigerian commercial bank offering a range of financial products and services, including mobile banking.
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