The Nigeria Electronic Fraud Forum (NeFF) has said its overall target is to reduce electronic payment fraud to zero in the nearest future, even as it noted that the incidence is decreasing in the country as a result of steps taken by NeFF.
The Chairman, NeFF, and Director, Banking and Payments System, Central Bank of Nigeria, Musa Jimoh, said the level of electronic fraud had been increasing globally.
Speaking at the Nigerian electronic Fraud Forum (NeFF) 2022 Annual General Meeting held in Lagos on Friday, Jimoh said, “This year, happenings around the world of payment fraud have indicated an increase in identity theft, online fraud and mobile fraud, but I can assure you that in terms of percentage, there are about 30 to 35 per cent decline in incidences of fraud this year.”
The Nigerian Electronic Fraud Forum is an initiative of the Bankers’ Committee to tackle e-channel security challenges as a proactive measure to the expected increase in electronic payment transactions.
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According to Jimoh, the objective of the event was to celebrate members who have been fighting the cyber criminals or those that have been terrorising the country’s cyberspace.
The cases are centred majorly on sophisticated attacks that are designed to make unsuspecting consumers divulge sensitive account details and other information that ultimately end in fraud.
He stated, “The good thing is that in Nigeria, the Nigeria Electronic Fraud Forum has steadily risen to the challenge of battling these vices by working on a cocktail of measures, which we believe can serve as a panacea for the trend that we see today, and the ones that are not yet visible.”
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