NDIC Advocates AI Integration to Combat Fraud in Nigerian Financial Institutions
The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation NDIC, Mr. Bello Hassan, has called for the adoption of Artificial Intelligence AI technologies to strengthen fraud detection mechanisms in the nation's financial sector.
Speaking at the Risk Management Roundtable organized by FITC, Mr. Hassan highlighted the limitations of traditional fraud detection methods reliant on manual verification and human analysis.
He proposed the integration of advanced AI tools like Machine Learning ML, Natural Language Processing NLP, and Anomaly Detection as transformative solutions to address the growing sophistication of financial fraud.
AI can process vast amounts of data in real-time, identify unusual patterns, and detect emerging threats long before they cause significant harm, Mr. Hassan stated.
