E-fraud in 2018: NeFF pledges increased security of banking channels

Securing  banking   channels against electronic fraud,  raising   awareness   on fraud mitigants to the entire electronic channels ecosystem and deepening collaboration and partnership with both  law enforcement and  telecommunication stakeholders within and outside   Nigeria will be the focus of Nigeria Electronic Fraud Forum (NeFF) in 2018.

The Chairman, Nigeria Electronic Fraud Forum (NeFF), Dipo Fatokun stated this on the occasion of the forum’s 2017 end of year dinner held in Lagos.

His words: “We therefore will not require a crystal ball to know that our efforts in 2018 will be aimed at further   securing  banking   channels,  raising  awareness on fraud mitigants to the entire ecosystem and deepening our collaboration and partnership with both  law enforcement and telecommunication   stakeholders   within   and   outside   Nigeria.

“We have thus far restricted the activities of electronic fraudsters in Nigeria, cutting back on losses suffered for a third straight year. In the coming year, we will therefore tighten the belt of our activities to ensure that not only fewer losses occur but the inclination to attempt will also wane.”

According to Fatokun, in its   six years of existence, the   Forum has embarked on   several industry defining initiatives. He recalled that three major central bank circulars have emanated from deliberations of the Forum in time past.

These include: implementing a two-factor authentication for internal banking processes; instituting regulation for card present fraud in a non-EMV environment, and creation of fraud desks for effective e-fraud control.

These circulars have further re-enforced the security of Nigeria’s payments system in and increased the level of trust and confidence in the banking industry’s channels.

He said success of the forum’s efforts can be better evidenced by the exponential growth witnessed in the use of electronic channels in Nigeria.

The year 2017 has also seen the Forum embarking on new initiatives, deepening existing relationships and forging new ones.

In his goodwill message at the occasion, the Deputy Governor, Operations of the Central Bank of Nigeria (CBN), Mr Adebayo Adekola Adelabu, said the activities of the Forum in the year under review have set the tone for many positive developments in the payments industry.

He is hopeful that the Forum will capitalise on collaborations to forge partnerships that will further assist the payments industry in combating electronic fraud in Nigeria.

“As you must be aware, the essence of these collaborative efforts is aimed at not only protecting customers, but also ensuring that public confidence is restored and sustained.

“It is therefore no longer news that NeFF has become a formidable force for fighting electronic fraud and that a lot of industry initiatives got their genesis from this esteemed forum,” Adelabu stated.

Nigeria is no doubt the better for having a multi-industry collaborative platform, which has not only made  the country a reference point in Africa, but also all over the world, when the issue of combating e-fraud is discussed he added.

The deputy governor therefore pledged further support from the Executive Management of the Central Bank of Nigeria.

“Your collaborative efforts at reducing electronic payments fraud are not only well appreciated, you can also be sure of the support and assistance of the Central Bank of Nigeria in this regard, as the Bank will continue to provide the needed leadership and guidance that will make the work of the forum easier. “For  the year to come, I am throwing  a challenge at the Forum, which is, to look at relevant initiatives that will move the industry forward by curbing fraud incidents in the industry,” said Adelabu.

Urging for more commitment, he said the banking industry will ultimately benefit from this unique collab   orative platform that is engaged in fighting e-fraud.

It is equally heartwarming to hear that in spite of the increase in the value and volume of electronic payments transactions in 2017, interim statistics from Nigeria Interbank Settlement System (NIBSS) have indicated a further decrease in the value of successful  fraud cases for the third consecutive year.

This he said,reduced from N652.8 Million in Q3 2015 to N406 Million in Q3 2017. This according to him is no doubt highly commendable and the Forum is encouraged to keep up the good job of rallying the Industry to achieve even greater results in the coming years.