The industry's efforts in technology adoption aim to protect financial assets while maintaining customer trust during the ongoing digital transformation.

More than half of financial institutions are increasing their investments in machine learning and AI to enhance their fraud detection capabilities.

In a similar vein, JPMorgan Chase allocated $17 billion to technology in 2024, focusing on AI-powered fraud monitoring and cybersecurity.

This significant investment has resulted in a remarkable 73% reduction in fraud-related losses for Access Holdings, decreasing from ₦6.15 billion in 2023 to ₦1.64 billion in 2024.

Nigeria has experienced a staggering 112% surge in fraud incidents from 2019 to 2023, with losses escalating by about 500% due to the rise of mobile and online banking.

Access Holdings PLC has made a substantial investment of ₦193.5 billion (approximately $120.5 million) in technology for 2024, marking a 147% increase over the previous year and the highest IT expenditure in Nigeria's banking sector.

Nigerian banks are increasingly adopting advanced technologies, such as biometric authentication and AI-powered fraud detection, to address the rising risks of financial fraud.

Access Holdings' proactive measures not only affirm its leadership in Nigeria's digital banking sector but also serve as a model for other financial institutions in Africa, demonstrating the benefits of strategic technology investments.

Bolaji Agbede, the Acting Group CEO of Access Holdings, has highlighted the importance of customer trust and innovation in mitigating digital risks.

Other Nigerian banks, including GTCO and Zenith Bank, have also ramped up technology spending, although results have varied, with some banks facing higher fraud losses despite their investments.

JPMorgan employs AI-powered monitoring systems and biometric verification to identify and prevent fraud in real-time.

The increase in digitalization and the sophistication of fraud tactics have significantly contributed to the rise in financial crime across banking, fintech, and insurance sectors.