63 Percent Reduction In E-Payment Fraud– NeFF

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Nigeria Electronic Fraud Forum (NeFF) has said that loss arising from electronic payment fraud has fallen by 63 percent. Chairman of the Forum and Director, Banking and Payment System Department, Central Bank of Nigeria (CBN), Mr. Dipo Fatokun disclosed this at the annual Dinner of the Forum in Lagos.

Speaking on the progress recorded by the Forum in its attempt to combat electronic fraud in the country, he said, “We have now seen new result, which shows that some of the decisions taken at the forum have had a positive effect in securing our payment system in 2015.

“A report from the Nigeria Inter-Bank Settlement System Plc showed clearly that there had been a reduction by 45.98 per cent in attempted fraud while there is 63.07 per cent reduction based on actual losses for 2014 figures,” he added

Speaking further, Fatokun disclosed that NeFF has commenced moves to establish an e-fraud risk information centre in the country. The establishment of the center, he said, is part of the Forum’s agenda for 2016. He said a Steering Committee meant to drive the process of establishing the centre had already submitted a report on the proposal, adding that the growth of e-payment transactions in Nigeria had necessitated the need for such information centre.

He said the centre would be patterned after the South Africa Banking Risk Information Center, adding that the centre will help the banking industry in its fight against unrelenting e-fraudsters.  He said, “The NeFF visited the South Africa Banking Risk Information Centre, where we gained useful insight towards setting up a protective situation like the SABRIC in Nigeria.

“And as we speak, members of this forum have been constituted into a harmonised committee, which has written a report on how we are going to have an organisation that will look the SABRIC.” Also speaking the occasion, Deputy Governor, Operations, CBN, Mr. Sulaiman Barau, congratulated the Forum its achievement in the past four years for making the e-payment platforms safer in Nigeria. He stated that the work of the Forum has helped to boost public confidence in the industry.

Barau said, “It is heart-warming to see that as the e-payment increases in year 2015, there is a reduction in the e-fraud recorded.” He assured stakeholders at the event that the NeFF, which comprises of representatives of banks, CBN and other stakeholders in the e-payment space, would continue to enjoy necessary support from the central bank.

(Vanguard)

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