Central Bank Nigeria

The Central Bank of Nigeria (CBN) as well as the banking industry now has legal backing that will assist in the fight against electronic fraud and related offences.

The Cyber Crime Act which was signed into law in May 2015 provides an effective, unified and comprehensive legal, regulatory and institutional framework for the prohibition, prevention, detection, prosecution and punishment of cybercrimes in Nigeria.

The first half year 2015 statistics from Nigeria Inter-Bank Settlement System (NIBSS) revealed that 1544 fraud cases were reported with an attempted value of N1.34 billion) and actual loss value of N654.4 million. Specifically looking at electronic frauds on ATM, Ecommerce, Internet banking, Mobile, POS and Web, a total of N925.7 million was attempted.

?This cyber crime prohibition Act that was enacted and sign into law this year is actually a very strong force that will help us at the forum in combating electronic fraud in the sense that so many things that were not criminalize in the past have now become criminal offenses?, Dipo Fatokun, director, banking and payments system department, CBN, said at the Nigeria e-Fraud Forum (NeFF) meeting held in Lagos.

He said reason for the gathering is to educate stakeholders first and subsequently pass the information to the public to give warning to those who may have criminal intensions as far as electronic payment platform is concerned.

According to him, banks are collaborating to ensure electronic fraud is reduced to barest minimum. Also the consumer protection education and sensitization programmes help in advising the public on what they need to know and to avoid being victims of fraudsters.

?We have enough procedure in place, for example if anyone is dismissed from the bank because of fraud the name such person will be sent to the banking supervision department of the CBN where a data base is maintained and such a person is blacklisted by being blacklisted means such a person cannot work in the banking industry.

Speaking at the Forum, Muhammad Islam, managing director, Jaiz bank urged banks to increase collaboration with regulators, law enforcement and law making bodies with the goal of strengthening the legal framework and promote situational awareness to the general public.

?Law enforcement agencies must in turn develop increased expertise in dealing with cybercrime, including operations across national borders. In particular, the development of a ?cyber-Interpol? to pursue criminals across geo-political borders would contribute greatly to the fight against cybercrime?, he said.



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