Skip to main content

Internet bank fraudsters now in recession, says CBN

The Central Bank of Nigeria (CBN) has claimed success in checking Internet fraudsters in the banking sector through various measures to prevent hacking into customers’ accounts.

The deputy governor of the apex bank in charge of operations, Mr. Bayo Adelabu, who spoke at the 2017 retreat of the Nigeria Electronic Fraud Forum (NeFF) held in Ibadan, Oyo State capital, said the bank would continue to sanitise the financial sector.

The event was attended by top officials of the Economic and Financial Crimes Commission (EFCC), U.S Consulate, Lagos, Consumers Protection Council (CPC) and some commercial banks.

Chairman, Nigeria Electronic Fraud Forum, Dipo Fatokun said with the bank verification number in place, biometrics would soon be used for transactions. “That means if you want to transact with your ATM, you will need to use your biometrics. There is no way you can give your finger to a third party. If that is enabled, it will make our system to be more secure and make all our transactions to be validated.”

Adelabu, in his keynote address, said in the age of digitalization and increased adoption of alternate forms of payment for goods and services, stakeholders must ensure security of operators and the consumers they intend to serve.

The CBN commended the feats recorded in the last six years by NeFF, noting that the organization in collaboration with other stakeholders has successfully implemented the Cybercrime Prohibition and Prevention Act 2015.

According to him, the retreat has re-enforced greater synergy among the Office of the National Security Adviser (ONSA), the forum and the entire payments industry.

“At the CBN, we shall continue to ensure a safe, reliable, secure and efficient payment system, and our commitments will neither waiver nor dampen in this regard.”

On the future of the banking industry, he said what is lost to fraud has progressively reduced in the last three years. “It is safe to say that the fraudsters industry is not only in recession, but will hopefully never recover, based on the strategies this retreat will fashion out for the fight against e-fraud in Nigeria,” the CBN official said.

Labels:

Comments

Post a Comment

Kindly drop your comments

Popular posts from this blog

Biafra: Respect your old age – BNYL warns Lai Mohammed over comments on IPOB

Biafra Nations Youth League, BNYL, has cautioned Minister of information, Lai Mohammed, over his comments that IPOB is dead. The group warned that such declaration could lead to provocation in the South East and South South regions. Mohammed had told newsmen that “the large turnout witnessed during the election has sounded the death knell on IPOB. “I think what that proved really is that IPOB does not represent the good people of Anambra or any state in the South East. “If truly they represented the people, the IPOB propaganda about the election really showed that they are not on ground.” Reacting, BNYL Leader, Princewill Obuka, said “That old man does not know how determined the Biafrans are. He saw what happened during military raid.” “Such resistance should have told them that Biafrans, if armed, would really consume Nigeria like Kanu was saying. “He should respect his old age and turn attention to Boko Haram and Shiites”. However, the group added that its ongoing ...
Post a Comment
Read more

Saraki appreciate President buhari for sign NEDC into law

Senate President, Dr. Abubakar Bukola Saraki, has commended President Muhammadu Buhari for signing into law the North East Development Commission (NEDC) Bill. Saraki, in a statement by his Special Adviser (Media and Publicity), Yusuph Olaniyonu, described the Presidential Assent as a “major development in the efforts by the present administration to restore peace and normalcy in the North East and making the harrowing experience of the people as a result of the insurgency a thing of the past”. “I applaud President Buhari for signing the North East DevelopmentCommission Bill into law. Now, that the NEDC Act has the full force and effect of the law, it is my hope that we can collectively work towards the rehabilitation, reconstruction and rebuilding of the North East. “I believe the NEDC Act will help alleviate the suffering of the millions of Nigerians whose lives have been affected by the insurgency in the zone”, the Senate President stated. “You will recall that when I visit...
Post a Comment
Read more

Bruno Mars scoops artiste of the year | Full list of winners at the 2017 American Music Awards

The 2017 edition of the American Music Awards took place on Sunday and was hosted by Golden Globe winner Tracee Ellis Ross. Bruno Mars won the artiste of the year while Diana Ross was honoured for her lifetime achievement. See full list of winners below; ARTIST OF THE YEAR X – Bruno Mars The Chainsmokers Drake Kendrick Lamar Ed Sheeran NEW ARTIST OF THE YEAR James Arthur X – Niall Horan Julia Michaels Post Malone Rae Sremmurd COLLABORATION OF THE YEAR “Closer” – The Chainsmokers feat. Halsey X – “Despacito” – Luis Fonsi, Daddy Yankee feat. Justin Bieber “I’m The One” – DJ Khaled feat. Justin Bieber, Quavo, Chance the Rapper & Lil Wayne “Don’t Wanna Know” – Maroon 5 feat. Kendrick Lamar “Starboy” – The Weeknd feat. Daft Punk FAVORITE MALE POP/ROCK ARTIST X — Bruno Mars Drake Ed Sheeran FAVORITE FEMALE POP/ROCK ARTIST X – Lady Gaga Rihanna Alessia Cara FAVORITE POP/ROCK DUO OR GROUP Coldplay The Chainsmokers X – Imagine Dragons FAVORITE PO...
Post a Comment
Read more