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Report highlights fraud in e-banking

05 February 2016, 18:09Okoro Chinedu

Lagos - First Bank of Nigeria (FBN) has welcomed the release of a report detailing the extent of fraud in the electronic channels of the sector.

An entity of the central bank released the report on Thursday.

FBN has noted electronic banking had increasingly become a core tool of banking business strategy and a strong catalyst for economic development.

At the same time, the bank said, the adoption of e-payment channels increases the incidence of electronic fraud.

“Considering the surge in e-commerce and its potential to drive increased investment in Nigeria's economy, we welcome the recent release of an e-fraud report by the Nigeria Electronic Fraud Forum (NeFF) of the CBN,” FBN stated.

The new series by NeFF is to be released on an annual basis.

Also Read: Septuagenarian faces N700 000 fraud charge in Lagos

Its maiden report begins with 2014 and captures views from over ten data management systems (DMBs) on e-payment channels.

One common thread was similar trends in phishing attacks on banks.

NeFF noted due to spikes in phishing, particularly in the last quarter of each year since 2012, most banks had invested in anti-phishing solutions to protect customers.

The forum reported most organisations leveraged on fraud prevention as a competitive advantage.

The organisation are said to be naturally unwilling to share their fraud management strategies with competitors.

Data from the Nigeria Inter-Bank Settlement System (NIBSS) show that the greatest number of fraudulent transactions in 2014 took place on ATMs.

- CAJ News

Tags finance fraud

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