NEFF seeks stakeholders collaboration to address e-fraud

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By Lydia Ngwakwe

The Nigeria Electronic Fraud Forum (NEFF) has called on stakeholders in the financial sector to collectively address and mitigate risks posed by electronic fraud.

Mr Musa Jimoh, Director, Payment Systems Management of the Central Bank of Nigeria (CBN), made the call at the company’ third quarter 2023 general meeting on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that the meeting has “New Strategies for Combating e-Fraud in a Cashless Environment,” as its theme.

Jimoh, who is also the Chairman, NEFF, noted that the criminals in the cyber world had increased and that if not addressed could increase individuals and organisations exposure to financial losses.

He said, “Today, we are here to look at the new strategies by which we can combat fraud; If we don’t combat the cyber criminals; they will weigh us down and breed the entire system.

“So, we all need to work together to see how we can make life extremely difficult for the cyber criminals.

“You know like the popular saying today; they say you should let the poor breath, but we shouldn’t let this criminals breath.

“We should actually suffocate them to death because our hard earned money is what these guys are forcibly taking away from us,” he said.

The Chief Executive Officer, Ignis Solutions Ltd., Simon Martin, while speaking on the topic, “e-Fraud in a Cashless Environment: Trends, Threats, Emerging Typologies and International Standards for Regulators”, urged stakeholders to pay more attention to building capacity to be able to combat e-Fraud.

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She said, “I think it’s important that we build our capacity; I think it’s important that we pay attention to possible emerging threats that could hamper our developments in digital payments and moving toward a cashless society.

“I think education is definitely important, not only for our systems and for people, but for our individual self and it’s one of the reasons why I identify myself as an unconventional regulator.

“It’s important that we apply design thinking in our lives as we go forward. Things are evolving, and so too, we must evolve as well.”
Martin, therefore, urged individuals and organisations to protect, properly store and manage their data to avoid bad actors leverage on it.

Mr Premier Oiwoh, Managing Director, Nigeria Inter-Bank Settlement Systems (NIBSS), urged stakeholders to pay more attention on mobile channels, saying it was the most significant point used for defrauding.

Oiwoh, represented by Mr Temidayo Adekanye, spoke on the topic, “The Current and Emerging e-fraud Landscape in Nigeria: Data Analytic”.

Oiwoh said, “So, I will advise that everyone focuses on mobile channels as the most significant point used for these fraudulent actions.

“But what we see most importantly is the fact that the primary channels are the betting platforms.

“So, once the money leaves the betting platform; Wallet account, or in some cases PoS agents; once it is cashed out, it is a black hole. There is no way you can recover that money.

“Literally we’re talking about potentially five per cent recovery rate across the industry.

“So, we all have to identify those betting Wallet accounts, PoS agents, cryptocurrency accounts, and in some cases purchases,” he said.

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NAN reports that the goal of NEFF is not only to identify the latest fraud trends but also to craft dynamic and effective countermeasures.

The forum serves as a catalyst for stimulating dialogue, enhancing collaboration, and fostering partnerships that will result in practical solutions to combat e-fraud.

The major highlight of the meeting was the unveiling of the NEFF website (neffng.com/site/new-home) to share information that is fit for public consumption.(NAN)

Edited by Yinusa/Olawunmi Ashafa

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