November 26, 2012

NeFF set to aggregate statistics on electronic fraud


The Nigerian Electronic Fraud Forum, NeFF, has said that it is working on developing a data base that will accommodate statistics on electronic fraud, e-fraud, in the country, which will be ready before the end of 2013.

Speaking at a workshop organised by the Forum, co-sponsored by Fidelity Bank and Wema Bank, the chairman of NeFF, Mr Emmanuel Obaigbona, who also doubles as Deputy Director/Head, Domestic Payment Division, Central Bank of Nigeria, CBN, said  the Forum is working in conjunction with Electronic Payment Provider Association of Nigeria, EPPAN, to aggregate the statistics on e-fraud and other related issues with a view to combating the increasing rate of e-fraud in the banking sphere.

Arguing that as e-payment space evolves, e-fraud also grows with, Obaigbona said, “For now we don’t really have the accurate statistics, but we are trying to develop a data base for this purpose and that is one of the main reasons why we have this particular forum.

“We are working to put things in order and sometime next year, we should achieve this objective, but I cannot give you a specific date since I am not an IT man but I know that the work has gone to an advanced stage. EPAN is already developing the portal for that so that we can get something very shortly.”

He noted that no country would lay claim to having achieved high level of industrialisation without effective e-payment system, adding that one of the objectives of the forum is to bring industry stakeholders together to rub mind on how to mitigate incidences of e-fraud in the country.

Speaking on behalf of CEO/GMD Fidelity Bank at the event, Mrs Chijioke Ugochukwu, ED, Shared Services, said that the forum would further deepen financial institutions’ appreciation of the opportunities that could be leveraged via e-banking solutions and better position them to provide cost-effective, easy and accessible alternative service delivery channels to their customers.

She said that any financial institution that aims to be relevant and profitable in the long run must harness the opportunities provided by the e-banking platform to offer value to customers, adding that any payment system that rides on electronic platform is highly susceptible to fraud.

“In this sense, your decision to organise this e-fraud forum is proactive and most commendable as creating awareness and effective communication of subject matter is paramount to its success.

“The increasing uptake being recorded in the electronic payment platform, of course, will present its own challenge, particularly from the standpoint of security.