Cashless Policy: NeFF Seeks Update, Enactment Of Anti-Fraud Laws

In view of the increased level of fraud that may accompany the reintroduction of the cashless policy across the country, the Nigeria electronic Fraud Forum (NeFF), on Friday called for a review of existing anti-fraud laws and enactment of new ones to mitigate risks in the nation’s payment system.
Speaking at the second general meeting of the forum in Lagos, the Chairman, Sam Okejere, said this had become imperative as evidenced by the 2019 second quarter fraud report of the Nigerian Inter-Bank Settlement System (NIBSS).
Although, the report showed a 47.28% decrease in the volume of attempted fraud over the Q1 figures, Web, Automated Teller Machines (ATM), and mobile platforms remain the usual suspects used by fraudsters.
According to Okejere, who is also Director, Payment Systems Management Department at the CBN, stressed that the cashless policy re-introduction and given the trend of increase in usage of electronic transactions, it is necessary to anticipate upsurge of electronic fraud.
This, he added, is “in spite of collective and concerted efforts to check fraud in the country.”
Welcoming participants to the forum earlier, Patrick Akinwuntan, Managing Director, Ecobank Nigeria Limited, advocated continued stakeholder collaborations in the fight against cybercrimes which has assumed a worrisome dimension in the country.
Akinwuntan, who was represented by the Group Head, Operations and Technology, Ecobank, David Isiavwe, acknowledged the efforts of the Central Bank of Nigeria (CBN), NeFF and other interest groups that have coordinated and championed the fight against the crime.
While assuring them of Ecobank’s support, recognizing that “a safe and secure environment where banking and general commerce can be done by the citizens of the country,” is highly beneficial to the society.
“It is generally known that the strength of any system is determined by its weakest link. Thus, the need for information sharing and continuous collaboration by all stakeholders is paramount. Again, we must salute the efforts of the CBN for bringing together key stakeholders on a continuous basis to evaluate different aspects of cybersecurity and to further inoculate the system,” he added.

From left: Olusegun Olatona, Head, Bank-wide Operations, Keystone Bank; Rakiya Muhammed, Director, Information Technology Department, Central Bank of Nigeria (CBN); Sam Okojere, Director, Payments System Management Department, CBN; Nosa Anderson, Group Head, Enterprise Risk Management, Unified Payments System; David Isiavwe, Group Head, Operations and Technology, Ecobank and DCP Emeka Nwonyi, Planning Research and Statistics, Police Force Headquarters Annex, Lagos during the second general meeting of Nigeria Electronic Fraud Forum in Lagos last week.