Nume Ekeghe
The Nigerian Electronic Fraud Forum
(NeFF) has put the value of electronic banking fraud cases over the last
three years at N5.571 billion.
This is just as the Central Bank of
Nigeria (CBN) Director, Banking and Payment System, Mr. Dipo Fatokun
said more efforts were being made to ensure safety of customers’ funds.
Fatokun, who is also the chairman of the forum, said this at the unveiling of the 2017 NeFF Annual Report in Lagos thursday.
According to him, the steering committee
of the forum would be instituting an industry customer protection plan
targeted at reducing the volume of fraud in the system.
Fatokun added: “It is sad to note that
there has been a little increase in electronic fraud especially in
recent times. It has therefore become necessary to review and strengthen
the existing rules and enact new regulations to steer the problem.”
Data released by NeFF showed that while
the value of fraud perpetrated across counter has been on the decline
over the last three years, fraud through transactions done via ATMs and
mobile banking have been on the increase.
Across the counter data, however, showed
that the value of fraud committed stood at N732.85 million in 2015, and
then dropped to N511.072 million and N259.022 million in 2016 and 2017.
However, fraud via ATM channels rose
from N355.89 million in 2015, to N464.514 million in 2016, and increased
further to N497.643 million in 2017.
Likewise, mobile payment fraud rose to
N347.645 million in 2017, having dropped slightly from N248.144 million
in 2015 to N235.17 million in 2016.
Fatokun noted that the increasing level of fraud on mobile was mainly from USSD transactions.
He said: “Many of you present would
agree on the need for a framework on for USSD as a channel for
electronic payment transaction and that was why the CBN early this year
issued a framework to that effect because we noticed that USSD channel
was primarily responsible for the upspring in electronic fraud in recent
times.
“That framework should have been
implanted from the first day of this month but we shifted the
implementation date to October 1st because certain requirement on that
framework could not be put in place so it is better done completely.”
Speaking further, he said: “We remained
committed as a forum in ensuring that the Nigerian payment system is not
only easy to use but also reliable and trust worthy.”
“Speaking on this line, members of the
forum would agree with me that the role of financial technology fondly
called fintech cannot be ignored. Their innovations have facilitated the
expansion of electronic payments and helped in providing financial
services to the underserved or previously unreached groups. It has the
need for guidance and respective supervision. Yes there is the need for
them to be guided and effectively supervised as it has become more
imperative now more than before.”
On her part, the Executive Director,
Operations of the Nigeria Interbank Settlement System (NIBSS), Mrs
Crystabel Onyejekwe noted that the increasing level of fraud was not
peculiar to the country.
Meanwhile, the CBN in a circular posted
on its website stated that bank directors will henceforth be responsible
for the protection and security of customers’ data against
e-fraudsters.
In a circular released titled:
“Risk-based Cyber-security Framework for Deposit Money Banks,” signed by
K.O Balogun for CBN Director of Banking Supervision, the central bank
said provision of oversight and leadership and resources to ensure that
cyber-security governance becomes an integral part of corporate
governance, rests with the Board of Directors.
“The Board of Directors through its
committees will now have overall responsibility for the DMB/PSP’s
cyber-security programme. It will provide leadership and direction for
effective conduct of the processes. The Board will ensure that
cyber-security governance is integrated into the organisational
structure and relevant processes,” it said.
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