By Steve Agbota
Nigeria electronic Fraud Forum (NeFF) has reiterated its commitment to fight and reduce the cost of fraud in financial institutions across the country.
To this end, the forum has also concluded plans to embark on a comprehensive industry fraud awareness programme next year to sensitize members of the public and also staff of organizations that operate within the payments space.
NeFF’s awareness program, which starts in 2017, is expected to help the banking industry reduce cost of fraud through increased vigilance and detection abilities across Nigeria.
Speaking at the end of year dinner of the NeFF, the Central Bank of Nigeria (CBN) Deputy Governor in charge of Operations, Mr. Adebayo Adelabu, who was represented by Mr. Oladimeji Taiwo, his Special Assistant, said that the challenge of securing the Nigerian Payments System (NPS) would always be a daunting task, for with ease of payments, comes greater adoption, and with increased adoption, the lure of cyber-criminals who seek to convert either digital assets or resources or both to their own becomes greater.
According to him, NeFF has proven to be a formidable stakeholder in securing banks ecosystem, through a unique and critically important role of creating a platform for collaboration amongst stakeholders in thePayments System.
He added: “I must note with pride, that revolutionary circulars that have assisted greatly in further securing our payments ecosystem have emanated from this NeFF. Noteworthy are the two factors authentication for internal banking processes, regulation of card present fraud in non-EMV environment and the creation of fraud desks for effective e-fraud control. I implore you to however work harder, especially as technology yet again has taken us to the dark waters of blockchain technology, where players must learn to either swim or sink, in the novelty of the tide.”
Meanwhile, the Chairman of NeFF, Mr. Dipo Fatokun, said that NeFF has commenced plans to organize a workshop that would highlight the challenges inherent in the Cyber-Crime Prohibition Act 2015 and its possible effect on e-commerce and use the recommendations to engage the Attorney-General of the Federation and Office of the National Security Adviser on reviewing certain aspects that could affect the effective operationalization of the act.
He hinted that the Forum has agreed to have the Cybercrime Workshop in the first quarter of 2017 and communication to that effect has already been sent out.
Besides deposit money banks, he said Neff would bring in other financial institutions like Microfinance Banks and Mortgage banks into the forum in order to protect them, just as the deposit money banks, the switches and all other service providers are protected now, as fraud is moving from the regulated areas to the unregulated areas.