Examining the Role of Digital Platforms in Mitigating Financial Fraud in Nigeria

Onyegbule; Kenneth C.; Ejem; Chukwu A.; Ogbulu; Onyemachi M.; Effe-Nnamdi; Ann; C.

doi:10.56201/wjfir.v10.no10.2026.pg.73.94

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Examining the Role of Digital Platforms in Mitigating Financial Fraud in Nigeria

Onyegbule, Kenneth C., Ejem, Chukwu A., Ogbulu, Onyemachi M., Effe-Nnamdi, Ann, C.

Abstract

This study examined the role of digital platforms in mitigating financial fraud in Nigeria. The study was motivated by the increasing adoption of digital financial services, as well as the growing incidence of technology-enabled financial fraud. The study specifically examined the extent to which digital platforms contribute to the prevention and detection of financial fraud, identified the security mechanisms used in mitigating fraudulent activities, and examined the challenges affecting the effectiveness of digital platforms in fraud control. Data for this study were obtained from Central Bank of Nigeria , Nigeria Inter-Bank Settlement System , Nigeria Deposit Insurance Corporation , and National Bureau of Statistics The study adopted ARDL to evaluate the relationship between digital platform variables and financial fraud in Nigeria. The findings revealed that digital platforms play significant roles in mitigating financial fraud. The study concluded that digital platforms are essential instruments for preventing and detecting financial fraud; however, technology alone cannot completely eliminate fraudulent activities. Effective fraud mitigation requires a combination of advanced technology, strong internal controls, customer education, effective regulatory oversight, and collaboration among banks, fintech companies, telecommunications operators, and law-enforcement agencies. The study therefore recommended continuous investment in advanced fraud-detection technologies, stronger cybersecurity measures, improved customer awareness, enhanced authentication mechanisms, and greater cooperation among relevant stakeholders to reduce financial fraud and strengthen confidence in Nigeria's digital financial system.

Keywords

Digital platformsfinancial fraudfraud mitigationelectronic bankingARDLNigeria.

References

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Examining the Role of Digital Platforms in Mitigating Financial Fraud in Nigeria

Abstract

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