Preventing Cyber-Fraud in Nigeria’s Banking System Using Fraudaeck-AI

Preventing Cyber-Fraud in Nigeria's Banking System Using Fraudaeck-AI (Fraud analysis environment for cyber-fraud check) is an in-depth analysis of artificial intelligence (AI) assisted identity verification and authentication systems to prevent cyber fraud in Nigeria's banking system. The Fraudaeck (fraud analysis environment for cyber-fraud check) is a machine learning model developed to learn the interconnected subsystems of the communication network and the banking applications and how they function seamlessly to provide customers with ease and comfort of banking even on the go. An investigation revealed how this created a vulnerability in the system, allowing malicious software attacks such as the Xenomorph Trojan to gain access to the system, paving the way for cyber fraudsters—"Yahoo-boys"—to gain access. This paper proposes a solution to cyber-fraud during electronic banking transactions by using an artificial neural network model called Fraudaeck, which can be interfaced with both the telecommunication protocols and the banking application to detect network intrusion, customer identity theft, and prevent cyber-fraud to obtain hitch-free banking activities in Nigeria.