NEFF Records 2.65% Decline In The Electronic Fraud Loss
The Nigerian Electronic Fraud Forum (NeFF) has recorded a decline in the electronic fraud loss value in the country following the 2016 statistics that was released by the Central Bank of Nigeria (CBN).
According to the fraud summary that was released in the CBN annual financial report for 2016, the actual loss value has reduced with 2.65% compared to the value in 2015.
The Central Bank of Nigeria (CBN) Director of Banking and Payment System, Mr. Dipo Fatokun who also doubles as the Chairman of the forum while he was speaking at the second general meeting of the forum said, ‘NeFF has consistently provided a unique platform that enables the proactive sharing of resources to combat a common enemy, e-fraud which in turn has helped in the decline of e-fraud loss value in the Nigerian Banking System.’
Fatokun explained that although there is a reduction in the actual loss value of e-fraud, there is still an increase in the rate of reported fraud cases in the system. Which poses that the forum still has a lot of work to do as regards e- fraud in the banking system.
He pointed out that the USSD codes that are used for transactions have increased the rates of reported electronic fraud in the banking system in the country.
To combat this, he said a sub-committee of the NeFF has been constituted to look into establishing an e-payment consumer protection plan whereby small value payments will be insured against loses occasioned by fraud.
Fatokun added that the development will help banks to gain the trusts of customers to ensure the proper war against the fraudsters.
According to him, in other to ensure more success in combating e-fraud in the banking system, the steering committee of the forum has reached an agreement to launch a social media campaign which will sensitize the customers and serve as a form of awareness for them to be able to detect cyber-crimes during transactions. The committee has decided to make use of the social media because it has a wider audience, it is cheap and it cuts across all ages.
