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Banks urged to punish offenders

24 August 2015, 12:10

Abuja - The Central Bank of Nigeria (CBN) says the Deposit Money Banks and other financial institutions now has legal backing to punish perpetrators of electronic fraud especially in the financial services industry, Punch reports.

The Central Bank of Nigeria says the passage of the Cybercrime Prohibition and Prevention Act has given Deposit Money Banks and other financial institutions the right to punish them, adding that the document was vital to the fight against e-fraud.

The Director, Banking and Payment System, Dipo Fatokun, who is also the Chairman of the Nigerian Electronic Fraud Forum, stated these in Lagos.

Also read: CBN, banks to bar bad debtors from purchasing forex

He described the Cybercrime Prohibition and Prevention Act as a strong force that would help the industry in combating electronic fraud.

The CBN director said the challenges facing electronic payments globally and in Nigeria were more real than imagined.

He, however, noted that the NeFF had responded to some of the challenges by making Nigeria increasingly difficult for cyber criminals.

Read more at Punch

- News 24

Tags cbn nigeria

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