Biometric Authentication and Fraud Detection in Fintech Companies in Nigeria

The increasing reliance on digital financial services in Nigeria has amplified concerns about fraud within the Fintech sector. This study investigates the role of biometric authentication technologies—specifically iris/retina scanning and fingerprint identification systems—in detecting and curbing fraud in Nigerian Fintech companies. Leveraging a descriptive survey research design, data were gathered from 170 respondents comprising customers and staff of selected Fintech firms through structured questionnaires. The study utilized descriptive and inferential statistics to analyze the relationship between biometric technologies and fraud detection. Findings reveal a significant positive relationship between iris/retina biometric systems and fraud detection, suggesting that advanced biometric technologies enhance the security infrastructure of Fintech services. However, despite these advancements, fraud persists, emphasizing the need for continuous innovation and multi-layered security frameworks. The study recommends enhanced adoption of biometric systems alongside other robust authentication measures to strengthen fraud prevention mechanisms in Nigeria’ s rapidly evolving digital financial landscape.