NeFF Enlists Judiciary To Combat Bank Frauds

The Nigeria Electronic Fraud Forum (NeFF) said it is now enlisting the support of the judiciary and other relevant agencies in its fight against all banking related frauds in the country, especially with the coming of Cybercrimes Act 2015.

Chairman of NeFF and Director of Banking and Payments System Department, Central Bank of Nigeria (CBN), ’Dipo Fatokun, made the disclosures at the meeting of the group in Lagos recently.

The group has already secured the regulator’s approval to visit the Chief Justice of the Federation in a move to strengthen and consolidate the relationship with the judiciary.

The move would also set the tone for a planned training to strengthen capacity, especially as fight against electronic fraud (e-fraud) has always created the need for the judiciary and law enforcement agencies to corporate with financial system regulators.

Fatokun, who noted that e-fraud losses are decreasing with increased monitoring of the incidences, however, admitted that the challenges facing the electronic payments system are more real than imagined.

“NeFF has responded to the challenges of the time, making the country increasingly difficult for cyber criminals to thrive. We cannot postpone a lot of issues that confront us especially the security of our payment system and that is why we meet regularly to review our progress,” he said.

He pointed out that to encourage widespread use and acceptance of electronic channels, the perceived and actual levels of confidence must be high, while security should not be compromised.

The Federal Government, had in May 2015, signed into law the Cyber crime Act, which provides an effective, unified and comprehensive legal, regulatory and institutional framework for the prohibition, prevention, detection, prosecution and punishment of cybercrimes in the country.

Other provisions of the Act include the manipulation of Automated Teller Machine/Point of Sale Terminals, phishing, spamming, spreading of computer virus and electronic cards’ related fraud, prescribing various prison terms and/or penalties for offenders.

Managing Director and Chief Executive Officer of Jaiz Bank, Mohammad Nurul Islam, while presenting a topic: “Role of Financial Institutions in Preventing Cybercrime Misdemeanor”, noted that over the past decade, the cybercrime landscape has changed drastically, with criminals employing more sophisticated technology and skills around the world.

According to him, the deployment of technology like ATM, POS, mobile/Internet and agency banking as a means to drive innovation and deepen financial inclusion has increased the number of offerings and channels available to the customers, but hacked into by fraudsters.

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