In today’s world technology has made financial transaction seamless. With a tap of a button, one could move billions, and billions could be stolen as well, just as fast.

Over the next five years, financial losses resulting from electronic fraud in the banking system would amount to 6 trillion naira.

This warning is coming from the Central Bank of Nigeria, CBN’s Director of Consumer Protection Department, Mr Sunday Salam-Alada.

Salam-Alada stated this is in Benin City at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC).

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According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally.

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Represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department (RPIRD) NDIC, Salam-Alada said it was due to broader ecosystem scope, evolution of channels, adaptability to disruptive innovations and modes of payment.

He said other reasons included increased inclusion and evolving technologies.

Meanwhile the CBN, through its Consumer Protection Department (CPD), had resolved over 13,715 complaints, disclosed the director.

He added that this resulted in the refund of about 72.2 billion naira to customers by the commercial banks based on 25,043 cases of fraud in 2017.

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