Nigerian Electronic Fraud Forum Targets Zero Bank Fraud in 2023

By Ebere Obike

The Nigerian electronic Fraud Forum, NeFF, says it’s objective for 2023 is to have zero fraud in the banks.

The Director of Payment System Management Department of the Central Bank of Nigeria, CBN, Mr. Musa Jimoh, stated this at forum in Lagos organized to celebrate cyber security professionals in the country.

The Nigerian electronic Fraud Forum, NeFF, is an initiative of the Bankers’ Committee to tackle e-channel security challenges.

Mr. Jimoh pointed out that the forum has helped to tame cases of fraud, and recovered lost funds

He explained that the forum is also putting formidable systems around all payment and financial system infrastructure to improve protection.

According to Mr. Jimoh, there has been about 30 to 35%. decline in incidences of fraud.

“Remember, there is an attempt and they are successful was the number of attempts high, which means that they have been attempting they’re not successful and they are ones that have been successful and so money taken away”, he said.

Mr. Jimoh eplained that different initiatives have been put in place by CBN to checkmate fraudsters and to track stolen money.

“The CBN has put some limits in the cash withdrawal that can happen on a daily basis, the incidence of fraud also teamed up because right now what they used to do is that they steal huge amount of money. And then about 2 or 3 am, they go to an ATM and withdraw everything. Go to an ATM and somebody withdraws 500,000 to a million naira, he said”.

Mr. Jimoh advised bank customers that in the event of fraud, there are certain codes that they can send to their bank. to automatically block the affected account.

The theme of the event was; “Enhancing reporting identity management and data analytics as a panacea to fraud”.

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