The Central Bank of Nigeria has said the fight against electronic fraud in the financial system and the economy in general can not be done alone. As a result, the central bank said stakeholders in the economy, especially banks and e-payment service providers among others must join in the fight to reduce to the barest minimum activities of electronic fraudsters in the country.
The CBN Director of Banking and Payments Systems, Mr. Dipo Fatokun, stated these at the Nigerian Electronic Fraud Forum organised by the central bank and commercial banks. The director noted that Nigeria as a country had done a lot in terms of electronic payment, pointing out that there had been a noticeable increase in the number of transactions that went through electronic channels.
Fatokun said, “The fraudsters are always following the money wherever it is. They are also following it electronically. Fraudsters are always deploying new strategies and that is why this forum will continue to meet, collaborate, cooperate and discuss. That does not mean there will not be an end to it. The truth is it is reducing and will continue to reduce. For it to reduce further, we need to think ahead of the fraudsters”.
He said this was the reason the CBN and Bankers’ Committee had taken step to make NeFF inclusive and assertive. Meanwhile, the CBN has launched ‘Out bound Money Transfer Services’ in partnership with the Western Union Money Transfer. According to the central bank, the outbound service, which is first of its kind in the country, will provide Nigerians the opportunity of transferring funds up to $2,000 to their relatives and dependents abroad (person to person transfer)