{"id":401,"date":"2023-08-21T11:47:35","date_gmt":"2023-08-21T11:47:35","guid":{"rendered":"https:\/\/arritoneconsult.com.ng\/blog\/?p=401"},"modified":"2023-08-21T11:47:36","modified_gmt":"2023-08-21T11:47:36","slug":"electronic-fraud-costs-banking-industry-n9-5-billion-in-2023-urgent-measures-required","status":"publish","type":"post","link":"https:\/\/arritoneconsult.com.ng\/blog\/2023\/08\/21\/electronic-fraud-costs-banking-industry-n9-5-billion-in-2023-urgent-measures-required\/","title":{"rendered":"Electronic Fraud Costs Banking Industry N9.5 Billion in 2023: Urgent Measures Required"},"content":{"rendered":"\n

Electronic Fraud Costs Banking Industry: The banking sector has suffered a substantial loss of N9.5 billion due to electronic fraud activities in the current year. In response to this alarming surge in electronic fraud, the Nigeria Electronic Fraud Forum (NeFF), under the leadership of the Central Bank of Nigeria, has called for enhanced collaboration and innovative countermeasures to curb this growing menace.<\/p>\n\n\n\n

The NeFF convened its third quarter general meeting in Lagos to deliberate on the pressing issue, centering the discussions around the theme “New Strategies for Combating e-Fraud in a Cashless Environment”.<\/p>\n\n\n\n

Highlighting the concerning trajectory of Electronic Fraud Costs Banking Industry, Premier Oiwoh, the Managing Director of the Nigeria Inter-Bank Settlement System (NIBSS), emphasized the gravity of the situation, particularly within betting platforms.<\/p>\n\n\n\n

Temidayo Adekanye, Chief Risk Officer at NIBBS, represented Oiwoh during the meeting and conveyed, “With the implementation of cashless policies from the Central Bank of Nigeria, the industry has witnessed a remarkable surge in transaction volume. However, this efficiency boost has unfortunately led to a corresponding surge in fraud incidents. The reported total fraud via the industry forum portal for Q1 2023 reached N5.1 billion.”<\/p>\n\n\n\n

Adekanye highlighted the disconcerting trend over the last five years, underscoring the significant escalation in fraud losses. “In 2019, the recorded fraud loss was approximately N3 billion, whereas in the current year, 2023, the figure has already escalated to N9.5 billion. A concerning rise in fraud incidents is evident, with July 2023 witnessing a 54 percent increase in losses compared to the previous month.”<\/p>\n\n\n\n

Adekanye revealed that the primary conduits for fraud are betting platforms, which become a “black hole” once funds are transferred. Recovering money once it has been cashed out becomes nearly impossible, with recovery rates potentially as low as five percent. He stressed the need to identify and address these vulnerabilities within betting platforms, wallet accounts, POS agents, cryptocurrency transactions, and other purchase-related activities.<\/p>\n\n\n\n

Musa Jimoh, Chairman of NeFF and Director of Payment Systems Management at the Central Bank of Nigeria (CBN), emphasized the collective responsibility to combat electronic fraud. Jimoh highlighted the urgency of countering cybercriminals to ensure the stability of the financial system. He emphasized the importance of developing new strategies and techniques to enhance security, while also promoting public awareness and education about safeguarding bank credentials.<\/p>\n\n\n\n

Jimoh stated, “Our objective is to achieve zero fraud, although this is a gradual process. As we develop new techniques, cybercriminals may exploit other areas. We must continue to raise awareness and educate the public to keep their banking details secure.”<\/p>\n\n\n\n

With cybercrime posing an escalating threat to the financial sector, the NeFF’s commitment to fostering collaboration, innovation, and education is crucial to safeguarding the industry and mitigating the impact of electronic fraud on individuals and institutions alike.<\/p>\n\n\n\n

for more news visit https:\/\/arritoneconsult.com.ng\/blog\/wp-admin<\/a><\/p>\n\n\n\n

for more educational post visit examhood.com.ng<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Electronic Fraud Costs Banking Industry: The banking sector has suffered a substantial loss of N9.5 billion due to electronic fraud activities in […]<\/p>\n","protected":false},"author":4,"featured_media":402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nElectronic Fraud Costs Banking Industry N9.5 Billion in 2023: Urgent Measures Required - Arritone Consult<\/title>\n<meta name=\"description\" content=\"Electronic Fraud Costs Banking Industry N9.5 Billion to 2023 this Needed Banking Sector Hit by Measures and CBN to Counter Rising Threat\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arritoneconsult.com.ng\/blog\/2023\/08\/21\/electronic-fraud-costs-banking-industry-n9-5-billion-in-2023-urgent-measures-required\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Electronic Fraud Costs Banking Industry N9.5 Billion in 2023: Urgent Measures Required - 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