AI boosts fight against mobile money fraud – MobileMoney Fintech CEO

The Chief Executive Officer of MobileMoney Fintech Limited, Shaibu Haruna, says the company is stepping up its fight against fraud by deploying advanced artificial intelligence-driven monitoring systems.

Speaking on the Citi Breakfast Show on Monday, April 20, Mr Haruna explained that the firm is increasingly leveraging technology to track suspicious transactions and identify patterns associated with fraudulent agents.

He noted that once a fraud report is filed, the system can trace transaction trails and detect recurring links to agents frequently connected to suspicious activities, allowing for quicker intervention.

According to him, the integration of artificial intelligence has significantly enhanced the company’s monitoring capabilities, marking a shift from traditional rule-based systems to more behaviour-driven analysis.

Mr Haruna said the transition enables the company to more accurately isolate fraudulent activities and take decisive action as part of broader efforts to sanitise the mobile money ecosystem.

“Thanks to the power of artificial intelligence, we are strengthening our monitoring mechanisms, shifting from just rule-based applications to more behavioural analysis, which makes it much easier for us to identify and deal with fraudulent elements,” he stated.

He assured customers that the company remains committed to tackling mobile money fraud and will continue to take firm action against perpetrators operating on its platform.