If you have been too smart for your own good, stealing people’s money through banking electronic channels, 2018 may herald your nemesis.

This is because the Deposit Money Banks in Nigeria have launched an arsenal to combat electronic fraud.

The banks have set up a multimillion-naira fund to fight scammers to ameliorate the losses accruing from electronic fraud.

Part of the funds will be deployed in massive anti-fraud campaigns to expose the tricks of e-fraudsters beginning January 2018.

The Chairman, Committee of Electronic Banking Industry Heads, CEBIH the umbrella body for the heads of e-banking in all the commercial banks in the country, Dele Adeyinka, told Punch on Tuesday that setting up the fund had become imperative.

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Adeyinka said that six months ago, in mid-2017, the group realised that it needed to set aside some amount of money (running into hundreds of millions of naira) to create awareness about electronic fraud.

“We decided that an ‘X’ amount of all the transactions going through the NIBSS platform for the purpose of fighting fraud,” he said.

What this means, he said, “is that a fraction of the value of all the banking transactions going through the NIBSS platform is being set aside for this. In January 2018, we will begin massive campaign across all channels, social media, radio, television and print media to educate customers on the activities of fraudters”.

“We are going all the way and we won’t stop once it starts because it is going to be on a sustainable manner,” he added.

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