‘How banks, fintechs can deploy AI, biometric KYC against cyber fraud’

An Information Technology and data analytics expert, Olatoye Agboola has urged Nigerian digital banks and fintech operators to deploy Artificial Intelligence-driven fraud detection and biometric Know Your Customer (KYC) to strengthen security, improve compliance, and win customer trust in the face of rising cyber fraud. Agboola noted that with millions of Nigerians now transacting through […]

An Information Technology and data analytics expert, Olatoye Agboola has urged Nigerian digital banks and fintech operators to deploy Artificial Intelligence-driven fraud detection and biometric Know Your Customer (KYC) to strengthen security, improve compliance, and win customer trust in the face of rising cyber fraud.

Agboola noted that with millions of Nigerians now transacting through mobile apps, USSD, and digital wallets, conventional rule-based fraud detection tools were no longer sufficient to counter sophisticated schemes such as account takeovers, identity theft, and synthetic fraud.

Agboola, a New Jersey City University trained IT expert gave the advice in an interview with our correspondent.

He disclosed that biometric KYC systems such as fingerprint and facial recognition can significantly improve identity verification compared to document-based methods.