Account Takeover Fraud (ATO) attacks have doubled in the past 2 years. Fraudulent logins account for more than 65% of fraudulent activities in the Nigerian financial ecosystem (Nibbs, 2019). Credential stuffing attacks are at all-time highs, costing the banking industry well over N15.5 billion over the past 4 years (StearsBusiness, March 2022). A majority of […]
In the last three years, AI-driven fraud detection and prevention has become increasingly prevalent in the financial ecosystem. A high total of thirty-three thousand, six hundred and forty-one (33,641) cases of fraudulent activities were reported in the second quarter alone of 2021 (NIBBS second quarter fraud report,2021). Although there has been a 43.41% decrease in reported fraud […]