Omolabake Fasogbon

Businesses need to start considering the development of dedicated Artificial Intelligence (AI) desks to tackle evolving fraud in modern times, a management expert, Prof. Kabiru Adeyemo has said.

Adeyemo, gave this advice at the 8th Anti-Fraud conference of the Association of Certified Fraud Examiners (ACFE) South West Chapter, citing the alarming rise in fraud at an exponential rate. 

According to recent data from an international study by the ACFE, organisations lose five percent of their revenue to fraud every year. 

Adeyemo while speaking at a conference with the theme, “Artificial Intelligence and Data Analytics: Harnessing the Potential for Forensic Fraud Investigation, Internal Auditing and Enterprise Risk Management,” defended the efficacy of AI in combating advanced fraud, urging organisations to augment their traditional fraud detection method with AI-driven solutions. 

He added, “Businesses must proactively set up AI desks to monitor its implementation, ensure compliance and maximise its benefits. This will improve efficiency, mitigate risks, enhance performance, and increase productivity.”

In ensuring accurate and reliable output, Adeyemo stressed the ethical use of this innovation, especially as reliance on it increased. 

He said, “To address ethical concerns, there is need for internal frameworks tailored to companies’ needs, including training and retraining employees, fostering partnerships, and collaborating with regulatory bodies.

“A legal framework is also crucial to ensure AI is used responsibly. This should detail the rules, modus operandi, and extent to which AI can be applied.

“The government must also create an enabling environment to ensure transparency, accountability, and integrity in AI adoption. There should also be AI ethical committee in every organisation that will develop a framework for monitoring implementation.” 

Earlier, the newly sworn-in President of the ACFE South West Chapter, Dr. Lydia  Ajayi averred that Nigeria has reached a critical junction in the battle against corruption and fraud while expressing ACFE’s readiness to contain the menace. 

“By strengthening capacity building, collaboration, awareness and advocacy, in addition to the seven-point agenda of my predecessor, my administration remains committed to uphold the ideals and objective of the association in combating fraud and deception in business practices,” she assured.