The impact of fraud prevention technology adoptions on minimizing financial crime in banking: a case study of Fidelity Bank Nigeria
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
Financial crime continues to pose a significant risk to the stability and profitability of banks. Fidelity Bank Nigeria has taken proactive measures by adopting advanced fraud prevention technologies, including artificial intelligence, machine learning, and real-time monitoring systems. These innovations are designed to detect and prevent fraudulent activities, thereby minimizing financial losses and protecting customer assets (Olubunmi, 2023; Nwosu, 2024). By integrating these technologies into its existing operational framework, Fidelity Bank aims to establish a robust defense against increasingly sophisticated fraud schemes.
The bank’s fraud prevention strategy emphasizes the importance of rapid detection and response. Automated systems continuously analyze transaction patterns to identify anomalies that may indicate fraudulent behavior. This proactive approach not only reduces the likelihood of significant financial losses but also reinforces customer trust by demonstrating the bank’s commitment to security. Moreover, advanced technologies such as blockchain for secure transaction verification add another layer of protection, ensuring the integrity of financial data (Balogun, 2025). However, challenges such as integrating new technologies with legacy systems and ensuring staff proficiency in using these tools remain critical.
Statement of the Problem
Despite the implementation of advanced fraud prevention technologies, Fidelity Bank Nigeria continues to experience financial crime incidents that result in monetary losses and reputational damage. One significant challenge is the integration of these new systems with the bank’s existing legacy infrastructure, which can lead to data discrepancies and delays in fraud detection (Olubunmi, 2023). Additionally, the rapidly evolving nature of fraudulent schemes requires continuous updates to fraud detection algorithms, which can be resource-intensive and costly. Inadequate training for staff in operating these advanced systems further undermines their effectiveness, potentially leading to false positives or missed fraud incidents (Nwosu, 2024).
Another issue is the balance between stringent fraud prevention measures and customer convenience. Overly aggressive fraud detection systems may inadvertently hinder legitimate transactions, resulting in customer dissatisfaction. This trade-off can reduce the overall confidence of customers in the bank’s digital services. Without addressing these integration and training challenges, the full benefits of fraud prevention technology may not be realized, ultimately leading to persistent vulnerabilities and financial losses (Balogun, 2025).
Objectives of the Study
- To assess the impact of fraud prevention technology adoptions on minimizing financial crime at Fidelity Bank Nigeria.
- To identify integration and staff training challenges affecting fraud detection systems.
- To recommend strategies for optimizing fraud prevention technologies.
Research Questions
- How do fraud prevention technologies affect financial crime incidence at Fidelity Bank Nigeria?
- What integration challenges exist between new fraud prevention systems and legacy infrastructure?
- How can staff training and system updates improve fraud detection efficiency?
Research Hypotheses
- H1: Fraud prevention technology adoptions significantly reduce financial crime at Fidelity Bank Nigeria.
- H2: Integration challenges with legacy systems negatively impact fraud prevention performance.
- H3: Enhanced training and continuous updates improve fraud detection outcomes.
Scope and Limitations of the Study
This study focuses on the fraud prevention technologies at Fidelity Bank Nigeria and their impact on minimizing financial crime. Limitations include integration challenges and evolving fraud tactics.
Definitions of Terms
- Fraud Prevention Technology Adoptions: The implementation of advanced technological solutions to detect and prevent fraud.
- Financial Crime: Criminal activities that result in monetary loss, including fraud.
- Legacy Systems: Older technological infrastructures that may hinder integration with new technologies.
Related Project Materials
A MULTIVARIATE ANALYSIS ON THE RESPONSE OF CROPS TO FERTILIZER AND SOIL TYPES. (A CASE STUDY OF THE FEDERAL UNIVERSITY OF AGRICULTURE UMUDIKE, ABIA STATE)
ABSTRACT
This study was carried out on a multivariate analysis of the response of crops to fertilizer a...
IFRS Adoption and Its Impact on Stock Price Volatility in Nigeria
Background of the Study
Stock price volatility is an important indicator of market uncertainty and is i...
An evaluation of community-based microfinance models in Ikeduru Local Government Area, Imo State
Background of the Study
Community-based microfinance models in Ikeduru Local Government Area, Imo State, have emerged as v...
An Assessment of Urban Population Expansion’s Impact on Residential Property Values in Nigeria
Background of the Study
Urban population expansion in Nigeria has become one of the most pressing issues...
A Study of the Effectiveness of Financial Control Mechanisms in Dangote Group, Kaduna State
Background of the Study
Financial control mechanisms are systems and processes established within organizations to ensure the effective m...
RELATIONSHIP BETWEN PRINCIPALS’ SUPERVISORY BEHAVIOUR AND TEACHERS’ JOB SATISFACTION
ABSTRACT
This study aimed to investigate the relationship between principals’ supervisory behavio...
The Effect of Stress and Obesity Among Civil Servants in Kano State
Background of the Study
Stress is a well-known risk factor for obesity, particularly among populations with high-pressure w...
Optimization of AI-Based Educational Data Mining Techniques for Student Performance Analysis in Kano State Polytechnic, Kano State
Background of the Study
Educational data mining is the process of analyzing large datasets from educational systems to extract useful inf...
EFFECT OF LEADERSHIP STYLE ON EMPLOYEE'S PERFORMANCE
ABSTRACT
This study was undertaken among other reasons of leadership style on the employee's performance in organiza...
An Investigation of Policies for Improving Access to Education for Girls in Karu Local Government, Nasarawa State
Chapter One: Introduction
1.1 Background of the Study
Education for girls has been recognized as a key factor in promoting gend...
