Omolabake Fasogbon
The Association of Certified Fraud Examiners (ACFE), Lagos chapter has called for strengthened security on digital payment platform to enhance adoption level and boost Nigerians’ confidence in the innovation.
This is amid rising cases of digital fraud which has continued to rip the national economy.
Recent report by the Financial Institutions Training Centre (FITC) says Nigeria’s loss to fraudulent activities has surged by 207.9 percent in the three months ending September of 2022.
Moreover, the banking sector has lost approximately N9.5 billion to electronic fraud in 2023, according to a report by Nigeria Inter-Bank Settlement System (NIBSS).
According to ACFE in a communique issued at the end of its 6th anti-fraud conference/investiture ceremony, this reality has continued to threaten the gains of technology and financial inclusion.
Stressing the importance of technology to the payment system, the association stated that this will drive innovations, with more businesses and individuals coming to embrace it.
“But stakeholders must provide reasonable assurance in the security and efficiency financial transactions for sustained acceptance. Once confidence is built and cyber security is assured, our payment system would be more modernised and this would drive the growth government desires and promote financial inclusion as the informal economy becomes subsumed into the mainstream economy”, it noted.
On tackling digital fraud, the association recommended for collaboration between anti-fraud agencies and regulatory bodies across sectors, which it asserted that such would promotes a robust regulatory framework, and fosters public confidence.
“By working together, regulatory authorities and anti-fraud agencies can effectively combat fraud, mitigate risks, and ensure the integrity and stability of Nigeria’s financial and economic landscape.
“Sustained commitment to this collaborative effort will yield long-term benefits, foster a safe and transparent business environment that will support sustainable growth and development”
