The limit imposed on cash transactions under the cashless policy has prompted a mass movement of fraudsters moving out of Lagos to other parts of the country.
Chairperson of Nigeria Electronic Fraud Forum (NEFF), Mr Emmanuel Obaigbhona disclosed in this at the July meeting of the Forum held in Lagos recently.
He said, “A lot of fraudsters is moving from Lagos to places where there is no use of electronic payment systems. We need to do something to prevent fraudsters from coming our way. We need to fight this fraud and also be proactive about it.”
He stakeholders in the electronic payment business to upgrade their security systems to comply with the Payment Card Industry Data Security Standard (PCIDSS), which is the global standard of protecting electronic payment from fraudsters. with the new standard, PCI-DSS before the end of the year as part of measure to address fraud risk associated with electronic payment channels.
The Payment Card Industry Data Security Standards (PCI-DSS) is a set of standards and security due diligence practices issued by the US-based Payment Card Industry Standard Security Council (PCI-SSC)- a global IT security regulatory body- setting the pace for security standards to help ensure the safe handling of payment card data.
Obaigbhona, who is former Deputy director, Domestic Payment division, Central Bank of Nigeria (CBN), said the new standard will aid the security of electronic payment in the country, as it is associated with the management of privileged identities and controlling insiders and administrators from accessing sensitive data.
“The move is a proactive process towards enlightening Nigerians, especially those in the financial sector on measures to mitigate fraud associated with electronic payments”, said
Also speaking at the meeting, Chairman, Enterprise Bank, Mr Emeka Onwuka, said stressed the need to be proactive in the fight against fraudsters.
He said, “The quest of freedom thus comes with fear. As such, following the introduction of e-payment, we must also be sure that fraudsters will follow the new form both physical and logical. As the fraudsters are planning, we need to develop our skills and plan.”
Managing Director, Digital Encode Limited, a security solution company, Mr Adewale Obadare encouraged electronic payment services operators to embrace the PCIDSS.
He said: “Compliance with PCIDSS helps to mitigate risks associated with prevalent use of banks’ cards and payment channels. There is a growing cloud community of fraudsters hoping to hack new electronic payment platforms. With this trend, PCIDSS has been mandated for all merchants or banks that store, process and or transmit cardholder data.
“Managing and monitoring access to the electronic payment environment while locking down administrative privileges is crucial to protecting sensitive data within this expanded threat environment. Many organizations are still trying to catch up on PCI 2.0 requirements, and those exploring virtualization will now need to fully understand new hurdles to meeting audit requirements and protecting sensitive customer data and financial information”, he added.