CBN Calls for Enhanced Collaboration against e-Fraud

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Obinna Chima

The Central Bank of Nigeria (CBN) has stressed the need for increased collaboration and industry engagements in order to tackle cases of electronic fraud in the economy.

Also, the central bank said there was need to strengthen training of banks’ staff, customer education and awareness as well as compliance to international standard and regulations.

The Director, Banking and Payment System
Department, CBN, Mr. Dipo Fatokun stated this in a Presentation titled: “Digital Banking: Regulatory
Perspectives,” delivered at the Access Bank’s 2017
Anti-fraud Week,” held in Lagos recently.

Fatokun also said there was need for further collaboration across borders to ensure that operators in the country become part of the global network against cybercrime, especially electronic fraud in banking system
“The Central Bank of Nigeria is committed to leading the way and we harness various stakeholders’ input to ensure the safety of electronic payments system in Nigeria.

“The Bank will harvest veritable ideas from all and consistently encourage cooperation of all in the battle against electronic fraud,” he said.
According to him, no business thrives without effective deployment of ICT to gain efficiency and competitive edge, yet many businesses are on the edge tackling electronic frauds on their electronic business platforms
“The challenge to the twenty-first century bankers: managing funds for its customers using cutting edge technology to deliver services and ensuring the safety of customer funds in spite of growing cybercrime,” he noted.

Earlier in his remark, the CEO of Access Bank, Mr. Herbert Wigwe, said the forum was to ensure active collaboration among operators in the industry in the fight against fraudsters.
Wigwe, who was represented by an Executive Director of the bank, Mr. Victor Etuokwu, pointed out that cybercrime was the second most reported economic crime in 2016.

“The advancement and adoption of digital technology has enabled banks to achieve greater scale, enter new markets and they now understand their customers much better.

“Online and mobile banking has transformed the way people live and bank. But digital revolution has a dark side.
“It is increasingly creating new opportunities for fraudsters to hack into accounts and commit fraud,” he added.
To this end, Wigwe stressed the need for banks to take security very serious.