18 December 2017

Nigeria: E-Fraud Reduces By 40% in 2 Years - CBN

Lagos — The Central Bank of Nigeria has disclosed that it has been able to further reduce electronic fraud incidence by 40 percent, from N652.8 million in Quarter 3, 2015 to N403 million in quarter 3, 2017.

The CBN deputy Governor, Operations, Adebayo Adelabu gave the hint while addressing the annual dinner of the Nigerian Electronic Fraud forum ( NeFF) in Lagos over the weekend.

Adelabu who praised the collaboration of the members of Neff, stressed that the country is no doubt the better for having an inter agency collaboration, leading to the tremendous improvement recorded.

He said the work of the forum Impacts on the delivery of safe and efficient payment systems and has also helped to improve the credibility of the system.

The NeFF Chairman and Director, Banking and Payments System, Central Bank of Nigeria, 'Dipo Fatokun, said: "In its six years of existence, the Forum has embarked on several industry defining initiatives including; the Implementing a two factor authentication for internal banking processes, Instituting regulation for card present fraud in a Non-EMV environment, and;

and the Creation of fraud desks for effective e-fraud control.

In May 2017, The Forum organized the first Stakeholders Workshop on Cybercrime at the Transcorp Hilton Hotel in Abuja, gathering together such a diverse group of industry stakeholders, that has never been seen since the Act was signed into Law.

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