Enhancing Fraud Detection Systems in Nigerian Banks Using Quantum Computing at Abubakar Tafawa Balewa University, Bauchi State
- Project Research
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- NGN 5000
Background of the Study
Fraud detection systems play a critical role in ensuring the security and integrity of financial transactions in banks. Traditional fraud detection systems rely on rule-based algorithms and statistical models, which can be time-consuming and prone to false positives or negatives (Soni & Gupta, 2024). With the advent of quantum computing, there is an opportunity to improve fraud detection by using quantum algorithms that can analyze vast amounts of data more efficiently and identify complex patterns that traditional systems may miss (Zhang et al., 2023). Quantum computing’s ability to process large datasets in parallel and perform optimization tasks at a faster rate could lead to more accurate and timely fraud detection in the banking sector.
At Abubakar Tafawa Balewa University, Bauchi State, this research will explore how quantum computing can enhance the performance of fraud detection systems in Nigerian banks. The study will focus on designing quantum algorithms that can identify fraudulent activities with greater accuracy and speed, ultimately improving the security and reliability of banking operations.
Statement of the Problem
Despite advancements in fraud detection technology, Nigerian banks still face challenges in effectively detecting fraudulent activities. The limitations of classical fraud detection systems, such as high false-positive rates and delayed response times, hinder their ability to prevent financial crimes in real-time. While quantum computing offers promising capabilities for enhancing fraud detection, its application in this field is still in its infancy. This study aims to explore how quantum computing can improve fraud detection systems in Nigerian banks and address the challenges associated with integrating this emerging technology into the banking sector.
Objectives of the Study
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To design quantum algorithms for enhancing fraud detection in Nigerian banks.
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To assess the effectiveness of quantum-based fraud detection systems compared to traditional methods.
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To explore the challenges and benefits of integrating quantum computing into banking fraud detection systems.
Research Questions
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How can quantum computing improve fraud detection systems in Nigerian banks?
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What advantages do quantum algorithms offer over traditional fraud detection methods?
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What challenges exist in implementing quantum computing-based fraud detection systems in Nigerian banks?
Significance of the Study
This study will provide crucial insights into the application of quantum computing in enhancing fraud detection in Nigerian banks. The findings will help improve the security and efficiency of banking operations, thereby reducing financial losses due to fraud and enhancing customer trust.
Scope and Limitations of the Study
The study will focus on designing and testing quantum algorithms for fraud detection in Nigerian banks, using Abubakar Tafawa Balewa University, Bauchi State, as a case study. It will not explore fraud detection in non-banking sectors or address the broader implementation of quantum computing in the financial sector.
Definitions of Terms
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Quantum Computing: A form of computing that utilizes quantum-mechanical phenomena to perform computations more efficiently than classical computers.
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Fraud Detection: The process of identifying and preventing fraudulent activities in financial transactions.
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Banking Sector: The industry involved in providing financial services such as loans, deposits, and transactions.
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