APPLYING AI IN MONEY DOUBLING/GET- RICH QUICK SYNDROME AND ECONOMIC DEVELOPMENT

Abstract

This study examined the use of artificial intelligence (AI) in money-doubling and get-rich-quick schemes and their impact on economic development in Nigeria. The proliferation of AI-enabled financial frauds exploits the public’s desire for rapid wealth, undermining economic stability and trust in digital financial platforms. The study assessed public awareness, exposure, perceptions, and socio-economic consequences of these schemes. A descriptive survey design was employed, collecting data from 120 purposively selected respondents, including young adults, digital entrepreneurs, civil servants, and students across major Nigerian urban centres, using a validated structured questionnaire. Data were analysed with descriptive statistics in SPSS. The study is anchored on the Fraud Triangle Theory, which explains motivations behind fraudulent behaviour, and Technological Determinism Theory, which highlights the role of technology in shaping social outcomes. Findings revealed high awareness (81.7%) and significant exposure (45%) to AI-enabled schemes, with 69.2% perceiving them as high risk. These schemes reduce trust in digital finance (76.7%) and cause substantial financial losses (61.7%), negatively impacting economic development. The study recommends increased public education, stronger regulatory frameworks, and enhanced digital literacy. It concludes that while AI offers economic opportunities, its misuse in fraudulent schemes poses serious risks, requiring coordinated policy and educational interventions to safeguard Nigeria’s economic development.