EFFORTS to fight electronic fraud in the banking sector of the Nigerian economy may not have yielded the expected result as the United Bank for Africa, (UBA) has again warned customers to ignore fraudulent text messages purporting to originate from their bank notifying customers of failed transfers into their accounts.

The text message, according to UBA in an e-mail to their customers read in part: “Dear customer, your transfer could not be completed due to TAX and VAT. You have been charge for TAX for the imposed N2m. call for more info.

“The management of UBA hereby alert you that N5m will be credited into your account from Airtel call Mr,Ken Eze on 07039348844 for completion.” On no account, according to the email by UBA to its customers should anyone respond to any instruction to make payment to anyone, visit any website or visit any UBA Business Office in order to claim any prize money.

“Such an act is fraudulent and would lead to a loss of the money you pay for VAT and/or COT as claimed in the text message. Any customer that has already responded to such fraudulent text message should immediately notify his/her relationship manager at his/her branch or contact our Customer Interaction Center ( CIC ) at [email protected] Forwarding this alert to friends and family members would also help inform them and combat this fraud” UBA said in the e-mail to customers” UBA said.

Although card fraud is a global issue affecting bank users, Nigerian banks, according to Vanguard Computers & E-business findings, appear helpless in an apparent attempt to fight the criminal activities of these fraudsters who have caused more harm than good with the latest technologies in their hands.

Apparently, security has been the issue in the e-payment system in the country. As a result of this, fraudulent people have been doing well because we do not have enabling laws. But by the time laws governing e-payment is implemented by the law makers, it may not be business as usual again for the fraudsters.

Meanwhile, the President of Nigerian Computer Society, Mr Demola Aladekomo had earlier told Vanguard Hitech that the stakeholders were pushing for laws governing e-payment system in Nigeria.

“Yes, we do not have enabling laws to guide the practices of e-payment in the country. We are working with the National Assembly, especailly wit the Senate, with NITDA and with the new Ministry of Communications & Technology to be able to come up with laws that will guide the v implementation of e-payment systems.”