Internet fraud, also known as, Yahoo Yahoo has become a big speck in the eyes of Nigeria.

The financial services authorities have been working hard to curtail it, but to no avail.

Now, Nigeria’s apex bank, the Central Bank of Nigeria, says it is working on a new strategy, known as Risk Based Cyber Security Framework that will help banks and other payment service providers to combat internet fraud in the country.

The CBN Governor, Godwin Emefiele, said this on Thursday in Abuja at the 2018 Nigeria-JP Morgan Chase Cyber Security Conference.

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Emefiele, who was represented by the Deputy-Governor, Financial System Stability, Mrs Aisha Ahmad, said the framework would ensure appropriate cyber security of data in Nigeria’s banking system.

“Technology has transformed the way we learn, communicate, deliver services, conduct financial transactions and even experience entertainment.

“However, these new conveniences of modern technology have ushered in complex security challenges and cybercrime.

“These range from identity and intellectual property theft, phishing, email spamming, virus dissemination to sophisticated hacking and theft by digital crime syndicates.

“A recent study by the IMF estimated global annual losses from cyber-attacks to be close to 9% of banks’ net income or around 100 billion dollars,” Emefiele said.