CBN, Access Bank, stakeholders move to fight fraud
By Ngozi Onyeakusi …..
worried by incessant fraudulent activities being perpetrated in the banking sector, the Central Bank of Nigeria, Access Bank Plc and other stakeholders in the industry have advocated for a strong collaborations in the sector aimed at tackling the menace.
The collaboration with FinTech companies and security agencies according to them became necessary given the sophisticated nature of frauds being perpetrated.
Access Bank Plc. in commemoration of Anti-Fraud Week, organized a fraud awareness workshop in Lagos, in attendance at the even officials of the CBN, Access Bank, Nigeria Interbank Settlement System (NIBSS) Plc, Economic and Financial Crimes Commission (EFCC) among others.
Earlier in his presentation, the Director, Banking and Payment System, CBN, Mr. Dipo Fatokun, stated that the introduction of digital system into the payment space had come with its attendant challenges.
He noted that panacea to the inherent problem was banks addressing insider abuse and training of their staff members effectively.
Represented by Information Analyst, Olubukola Akinwunmi, Fatokun advised banks to engage and educate customers in order to create more awareness about the dangers of ignorance on the use of electronic fraud.
While stating that the CBN would comply with international standards and regulations on fraud prevention, he said regular conduct of test to assess banking industry resilience against cyber crime and electronic fraud would be done regularly.
He said, “The more we miniaturise; the more we do things on the mobile devices, the more likely we are going to have increasing rate of fraud. Social media is also an aspect that is being used for fraud because they are all linked to mobile.
Also speaking at the event, the Group Managing Director, Access Bank, Mr. Herbert Wigwe, said financial fraud was as old as mankind, while noting that “some men tend toward doing good in life, others are motivated to do evil.”
“If you do the right thing, you are fighting financial crime but if you do the wrong thing, you are aiding and abetting and indeed a part of financial crime.
“This annual event forms part of the engagement lined up to mark the bank’s drive for anti-fraud awareness. The initiative is meant to engage stakeholders on how to proactively solve the industry fraud challenges and to significantly minimise fraud with active collaboration among all stakeholders.”
He noted that digital technology had continued to transform and disrupt the world, adding that the development had come with both opportunities and threats.
“The digital landscape is rapidly evolving worldwide, and it’s one of the most important drivers of innovation, competitiveness and growth. The advancement and adoption for digital technology enable banks and indeed other industries to achieve greater scale, enter new market and move very quickly and understand their customers a lot better. Online and mobile banking have transformed the way people live and buy. But digital revolution, as we all know, has the backside.”
He regretted that digital technology was increasingly creating new opportunities for fraudsters to hack into people’s accounts.
Quoting the Nigeria Inter-Bank Settlement System Plc reports for the first and second quarters of this year, Wigwe said over N877m had been lost to electronic fraud.
This, he said, highlighted the need to chart an effective way to reduce the incidence of electronic fraud and cyber crime in Nigeria.
“There is also the need for us to work with government and all the stakeholders to enact the appropriate security laws and system that guarantee the legality of online transactions
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