This is good news for electronic transactions in Nigeria.

Incidences of fraud through the platforms is going down because of several steps being taken by the regulators and operators alike.

The Chairman of Nigeria electronic Fraud Forum, NeFF and Director, Banking and Payments System, Central Bank of Nigeria, CBN Dipo Fatokun, said this in Lagos.

He however stated that while this is the case in Nigeria, the level of electronic fraud had been increasing globally.

He stated: “Since our last meeting in June, happenings around the world of payment fraud have indicated an increase in identity theft, online fraud and mobile fraud.

“These have come to the fore, with sharp increase in the alternative payment uses, especially in sub-Saharan Africa, where the rise in mobile payment adoption through the use of USSD for payments as an anchor for financial inclusion, has gained prominence. It is, therefore, no surprise that today in Nigeria and in many other countries around the world, we battle new and emerging cases.”

Also Read: Lesson 101 On How To Avoid Travel Scams, As Shared By A Travel Agent

According to Fatokun, the cases are centred majorly on sophisticated attacks that are designed to make the unsuspecting consumers to divulge sensitive account details and other information that ultimately end in fraud.

He however stated that “the good thing is that in Nigeria, the Nigeria Electronic Fraud Forum has steadily risen to the challenge of battling these vices by working on a cocktail of measures, which we believe can serve as a panacea for the trend that we see today, and the ones that are not yet visible.

“I am happy to tell you that your steering committee has deliberated extensively on how we can battle this problem. Also, the steering committee of the forum has set up a sub-committee that is looking into establishing an e-payment consumer protection plan whereby small value payment can be insured against losses occasioned by fraud.”

Don't forget to share this story with your friends.

Also Watch: