EFFECTS OF ICT AND FRAUD DETECTION ON PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA

Abstract

At the business level, ICT has an impact on economic growth and increased productivity. Adoption of ICT aids commercial banking organizations in coordinating communication with external environmental factors and ensuring efficient communication within their organizational structure. Sequel to this, this study aims to examine the effects of ICT and fraud detection on performance of deposit money banks in Nigeria. The study's participants are chosen deposit money banks in Nigeria, specifically those employed in ICT, internal control, risk management, and operations departments. The banks chosen for this study are Guaranty Bank, Zenith Bank, Access Bank, and First Bank. This study adopts a descriptive survey design. According to the findings, it shows that there is a steady increase in ICT investment among Nigerian Deposit Money Banks, showing commitment to digital transformation, while fraud cases have increased, largely due to digital channel expansion, actual fraud losses have decreased due to improved detection mechanisms. This study recommends that deposit money banks should collaborate by sharing intelligence on fraud trends and cyber threats. A national fraud monitoring database coordinated by the CBN will strengthen collective defense against fraudsters.