*Launch new campaign #NoGofall Maga Confam Am Again

By Juliet Umeh

Despite the efforts by government and various stakeholders to checkmate activities of cyber criminals, the vice remains one of those devastating the Nigerian economy.

For instance, it is reported that the banking industry has so far lost N9.5 billion to electronic fraud in 2023.

According to the report, the Managing Director of Nigeria Inter-Bank Settlement System, NIBSS, Premier Oiwoh highlighted the disturbing trend in e-fraud in the country especially through betting platforms.

He noted: “Recently, we had the cashless policies from CBN, which was incurring a dramatic increase in the volume of transactions in the industry which variably, was the impact of the volume of fraud in the industry itself. Now, the increased efficiency has also meant that fraud has dramatically increased across industry. For Q1 2023, the total fraud reported through the industry forum portal was at N5.1 billion.

“For fraud trends over the last five years, in 2019, we’re looking at about N3 billion and currently 2023; we are looking at about N9.5 billion to date. Fraud losses have increased dramatically over the last five years.

“So, as you can see also from the current perspective, from January to July 2023, there has been a slight jump between June and July, a 39 per cent increase with 8,649 with the actual fraud losses in July 2023, we’re looking at N1.2 billion which is a 54 per cent increase over the period. Now as you can see from January in general, we recorded about N2.7 billion in actual fraud losses.”

However, the Committee of Chief Information Security Officers of Nigerian Financial Industry, CCISONFI, has vowed that this kind of report will stop because it will lead a campaign that will nip such nefarious activities in the bud.

Just at the weekend, the group in partnership with non-governmental organisations, Cybersafe Foundation launched a new campaign: NoGofall Maga Confam Am Again.

The campaign is targeted at people who out of ignorance, divulge sensitive information which give cyber criminals ample opportunity to defraud their unsuspecting victims.

CCISONFI believes that if victims were able to get proper information, they will be able to protect themselves against the antics of cyber fraudsters.

The campaign targets over 40 million Nigerians through different communication channels including electronic, print and social media platforms.

The Chairman of CCISONFI, Mr. Festus Amede, during the event said: “The launch of this public enlightenment program and cyber security awareness initiative tagged: NoGofall Maga Confam Am Again is aimed at promoting general public awareness on cyber security which ultimately will dovetail to reducing cybercrime and finance fraud.

“We look forward to a rewarding partnership and successful achievement of our targeted objectives which include reaching more than 40 million customers in the first two years of this launch and finally delivering awareness contents and messages in major Nigerian languages including Pidgin English.

“Its success is largely centered on the strategic partnership with the CBN, Banker’s Committee, CCIONFI, a committee formed under the guidance of the Central Bank of Nigeria and made up of the Chief information security officers of Nigeria, Deposit Money Banks and Payment.