Data Scientist Nafisat Popoola Shares Insights on Revolutionalising Fraud Prevention

By Rebecca Ejifoma

At the inaugural AfTech Fraud Prevention Summit in Lagos, prominent Data Scientist Nafisat Popoola emphasised that artificial intelligence and data science are pivotal for the future of fraud prevention in Africa.

With fraud cases escalating and traditional methods proving inadequate, Popoola calls for a technological shift resonated strongly with industry experts and stakeholders.

She, therefore, stressed the urgent need for the insurance and financial sectors to embrace advanced, data-driven techniques to combat evolving fraud tactics effectively.

She also warned that in today’s digital economy fraudsters were becoming increasingly sophisticated, thus is imperative to harness the power of AI and machine learning to detect and prevent fraudulent activities before they escalate.

According to industry insiders, leveraging big data allows companies to analyse vast and varied datasets, unearthing hidden patterns that can indicate fraudulent behaviour.

This approach, combined with real-time analytics, offers a proactive method for risk management that traditional techniques simply cannot match.

During her address, Popoola outlined her vision for a comprehensive data ecosystem that integrates diverse sources of information.

She advocated for the incorporation of unconventional data streams, such as social media analytics, geolocation data, and IoT sensor readings, to build more robust predictive models.

The data scientist insisted that advanced machine learning algorithms are essential in processing large-scale datasets in real time, enabling companies to identify anomalies and patterns indicative of fraudulent transactions.

She also stressed the importance of transparency and model interpretability, noting that as companies integrate AI into their operations, regulators and stakeholders would demand clear insights into how these systems make decisions.

She further argued that it is insufficient to react to fraud after it occurs. Instead, a strategic investment in scalable, innovative AI solutions is necessary to create a safer and more secure financial landscape for Africa.

She urged stakeholders to collaborate in strengthening Africa’s data infrastructure and developing AI systems designed to meet the continent’s specific needs.

Her emphasis on leveraging big data and artificial intelligence aims to safeguard financial systems and spur sustainable economic growth.

The time for change is now, and the responsibility rests with all stakeholders to act decisively in securing the continent’s digital future.

A leading AI strategist, Dr. Ilesanmi Adesida, shared Popoola’s sentiment, noting that the future of fraud prevention in Africa hinges on the ability to innovate locally, recognising that unique challenges require tailored, data-driven approaches.

Prof Omowunmi Sadik, whose research in machine learning applications has gained international acclaim, added that integrating AI into fraud prevention is not solely about technology—it is about establishing a resilient financial ecosystem that protects consumers and instills confidence in the markets.