Losses to e-fraud declines by 38%

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By Elizabeth Adegbesan

THE Central Bank of Nigeria (CBN) has said that losses to electronic fraud dropped by 38 percent to N406 million in two years.

Deputy Governor, Operations, CBN, Mr. Adebayo Adelabu, disclosed this while speaking in Lagos at the end-of-year dinner and awards of the Nigeria Electronic Fraud Forum (NeFF).

Adelabu said that the decline in successful electronic fraud cases is a testimony to the impact of the efforts of NeFF in fighting such frauds in the country.

He stated: “In spite of the increase in the value and volume of electronic payments transactions in 2017, interim statistics from Nigeria Interbank Settlement System (NIBSS)    have indicated a further decrease in the value of successful fraud cases for the third consecutive year, reducing from    N652.8 million    in the third quarter of 2015, Q3’15, to N406 million in Q3‘17. This is no doubt highly commendable and the Forum is encouraged to keep up the good job of rallying the industry to achieve even greater results in the coming years.

In his opening speech, the Chairman of NeFF, Mr. Dipo Fatokun said that while the forum has, in its six years of existence, embarked on several industry defining initiatives which resulted into the decline in successful e-fraud cases for three consecutive years, he promised that the forum will intensify its efforts in 2018 in order to ensure further reduction in e-fraud cases.

He stated: “Our efforts in 2018 will be aimed at further securing banking channels, raising awareness on fraud mitigants to the entire ecosystem and deepening our collaboration and partnership with both law-enforcement and telecommunication stakeholders within and outside Nigeria.

“We have thus far restricted the activities of electronic fraudsters in Nigeria, cutting back on losses suffered for a third straight year. In the coming year, we will therefore tighten the belt of our activities to ensure that not only fewer losses occur but the inclination to attempt will also wane.”

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