Public awareness on fraud are required to enhance Nigeria payment systems - CBN

Deputy Governor,  Operations, Central Bank of Nigeria (CBN) Mr. Adebayo Adelabu has disclosed that the banking Industry must now align in funding targeted campaigns on the need to protect financial information and avoid common booby traps, set by fraudsters to entrap unsuspecting customers.

He said that thorough review of existing payment standards, Industry compliance and implementation of new relevant standards deliberately designed to reduce fraud need to be encouraged by both the regulator and players in the Industry.

He made this public during this year’s annual retreat of the Nigeria Electronic Fraud Forum (NeFF) held in Ibadan, the Oyo State capital.

Speaking on the theme "Operationalizing a four sided approach to preventing fraud” Adedubu said In this age of digitalization and increased adoption of alternate forms of payment for goods and services, the importance, role and relevance for an industry fraud forum serves no longer as an option but must feature and play a conspicuous role in ensuring not only the security of members, but also of that of the consumer who they all intend to serve.”

Commending on the success recorded in the last six years by the Nigeria Electronic Fraud Forum (NeFF), Adelabu said the Forum held a stakeholder workshop on Cybercrime, which assembled prominent parties needed in successfully implementing the Cybercrime Prohibition and Prevention Act 2015, under the theme; “Tackling Enforcement Challenges Under The Cybercrime Act”.

He noted that the workshop has further re-enforced greater synergy between the Office of the National Security Adviser (ONSA), the Forum and the entire Payments Industry.

Adelabu while speaking on the future of the banking sector, said that fraud losses have progressively reduced in the last three years, “and it is safe to say that the fraudsters industry is not only in recession, but will hopefully never recover, based on the strategies this retreat will birth in the fight against e-fraud in Nigeria”.

Chairman, Nigeria Electronic Fraud Forum(NeFF) identified fraud as the major enemy of electronic payment stating that the purpose of the retreat was to come up with good measures  on how electronic payment fraud would be reduced.

According to him,Nigeria Electronic Fraud Forum(NeFF) comprises all players in the banking Industry  and the essence is to collaborate on approach to preventing fraud.

" What NEFF is canvassing is that in time to come biometric will be used for transaction to make the system more secure and assist to ensure all data are validated" he added.