LEVERAGING ARTIFICIAL INTELLIGENCE FOR FRAUD DETECTION: THE ROLE OF FORENSIC ACCOUNTANTS IN NIGERIA POST CASHLESS ECONOMY
Saidu Ibrahim Halidu , Micah Ezekiel Elton Mike and Bello Sambo Sanusi
Volume 5 Issue 1
Abstract
The cashless policy in Nigeria, driven by the Central Bank of Nigeria (CBN), aims to reduce the reliance on physical cash and promote digital transactions. This shift has brought about new challenges in terms of financial fraud and the need for effective fraud detection mechanisms. Leveraging Artificial Intelligence (AI) in fraud detection offers a promising solution by enhancing the ability to detect, analyze, and prevent fraudulent activities in real time. Forensic accounting, with its deep analytical expertise, plays a critical role in unraveling complex financial fraud. This article explores the integration of AI with forensic accounting in Nigeria's post-cashless economy, emphasizing the potential benefits and challenges. The synergy between AI and forensic accounting can enhance the financial integrity of Nigeria's growing digital economy. However, the adoption of these technologies faces barriers such as insufficient regulatory frameworks and a lack of specialized training for financial professionals. The article concludes with policy recommendations for the CBN and financial institutions to improve fraud prevention and to foster an environment conducive to the seamless integration of AI and forensic accounting in fraud detection. Keywords: Artificial Intelligence, Forensic Accounting, Fraud Detection, Cashless Economy, Financial Integrity
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