EFFECT OF BIOMETRIC TECHNOLOGY APPLICATION ON FRAUD PREVENTION AMONG LISTED DEPOSIT MONEY BANKS IN NIGERIA

Abstract

This study evaluates the effect of biometric technology on fraud prevention among listed Deposit Money Banks (DMBs) in Nigeria. The specific objectives are to assess the effect of fingerprint biometrics, voice biometrics, and vein pattern recognition on fraud prevention among listed DMBs in Nigeria. The survey research design was employed for gathering quantitative data through five-point likert scale option structured questionnaires distributed to One hundred fifty-four executive staff across Fourteen listed DMBs. Data were analyzed using multiple regression analysis to determine the significance of each biometric technology in preventing fraudulent activities. The findings reveal that fingerprint biometrics has a positive and significant effect on fraud prevention among listed DMBs in Nigeria, while voice biometrics, and vein pattern recognition have positive and insignificant effect on fraud prevention among listed DMBs. The regression model explained 56.5% of the variance in fraud prevention, indicating a strong explanatory power. It is recommended that banks adopt fingerprint biometrics as a primary security measure. Additionally, integrating vein pattern recognition with other biometric and security technologies can provide a more robust defense against fraud.