We Have Tame Internet Bank Fraudsters -CBN Boss

The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Operations, Mr. Bayo Adelabu has disclosed that the Internet fraudsters in the banking sector is in recession as a result of strategic measures made by the apex bank.

 He maintained that this criminal act would never recover again because the CBN will continue to strengthen the fight against e-fraud in Nigeria. 

Adelabu affirmed that this fraudulent activities have deprived unsuspecting bank customers billions of their hard-earn money over the years which the apex bank is working seriously to nip it in the bud.

The Deputy Governor made the disclosure at the weekend during year 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) held at the Best Western Plus Hotel, Iyaganku, Ibadan.

At the retreat with the theme “Operationalizing a four sided approach to preventing fraud” were top officials of the Economics and Financial Crimes Commission (EFCC), U.S Consulate, Lagos, Consumer Protection Council, Union Bank of Nigeria Plc , Access Bank, First Bank, Mobile Money Operators among other stakeholders in the financial sector of the nation’s economy.

Adelabu in his keynote address said “in this age of digitalization and increased adoption of alternate forms of payment for goods and services, the importance, role and relevance for an industry fraud forum serves no longer as an option but must feature and play a conspicuous role in ensuring not only the security of members, but also of that of the consumer who they all intend to serve.

Commending the feats recorded in the last six years by the Nigeria electronic Fraud Forum (NeFF), Adelabu stated that  the organization in collaboration with other stakeholders had successfully implemented the Cybercrime Prohibition and Prevention Act 2015, under the theme; Tackling Enforcement Challenges Under The Cybercrime Act.

This retreat, according to him, has further re-enforced greater synergy between the Office of the National Security Adviser (ONSA), the Forum and the entire Payments Industry, stressing that, “at the Central Bank of Nigeria, we shall continue to ensure a safe, reliable, secure and efficient payment system and our commitments will neither waiver nor dampen in this regard.”

Adelabu further stressed the CBN’s focus in the area of Re-assessment of Payment Standards in a way that a thorough review of existing payment standards, Industry compliance and implementation of new relevant standards deliberately designed to reduce fraud need to be encouraged by both the regulator and players in the Industry are being strengthened.

On the  future of the banking institution, he said that fraud losses have progressively reduced in the last three years, “and it is safe to say that the fraudsters industry is not only in recession, but will hopefully never recover, based on the strategies this retreat will birth In the fight against e-fraud in Nigeria.”

Earlier, the Chairman Nigeria Electronic Fraud Forum, Dipo Fatokun said in a time soon to come, with the BVN in place, biometrics will be used for transactions, adding “That means if you want to transact with you ATM, you will need to use your biometrics. There is no way you can give your finger to a third party. If that is enabled, it will make our system to be more secure and make all our transactions to be validated.”