The CBN And Other Well-Meaning Industries Will Invent New Strategies To Tackle Internet Fraud In Nigeria

Internet fraud in Nigeria has skyrocketed since 2000 when it became extremely easy for anyone to have internet access. Although many of the cases are never reported publicly, the Central Bank of Nigeria, in collaboration with Visa Inc., Unified Payments, and Global Accelerex have disclosed an operation which is set to thoroughly investigate the N2.19b annual loss to cybercrime in Nigeria and discuss strategies to prevent future losses.

The eighth edition of the Annual Payment System and Fraud Conference organised by the Electronic Payment Providers Association of Nigeria will focus on the theme ‘Leveraging Big Data Analytics in Combating Payment Fraud’. It is scheduled to take place soon and it aims at discussing the strategies that will be implemented to reduce this incidence will be discussed by the stakeholders.

Speakers at the one-day forum include the Commissioner of Police, Special Fraud Unit, Mr. Ibrahim Lamrode; the Chairman, Board of Trustees, e-PPAN, Mr. Tunde Lemo; the Deputy Governor, Operations, CBN, Mr. Adebayo Adelabu and a host of many others.

According to a report by Nigeria Electronic Fraud Forum, Nigeria loses N2.19b to cybercrime yearly and there has been a spike in the rate of internet fraud by 82% between 2015 and 2016. Based on this report, the Executive Officer, Mrs. Regha Onajite, stressed that the numerous loopholes in the system have paved way for cyber fraudsters to perpetrate numerous attacks with ease without being traced. Obviously, these fraudsters are taking advantage of the flawed system.

She said further that winning the fight against cybercrime involves a collaboration of all stakeholders of each firm which includes Yomi Ibisola of Data Analytics of Deloitte, the Executive Director of Technology and Operations, the Head of Cybercrime Prosecution Unit, Federal Ministry of Justice, George-Maria Tyendezwa and a host of many others. She said:

‘This is why the 2017 conference objectives are to come up with new and proactive ways of fighting fraud using data analytics in an industry collaborative approach to manage and prevent electronic fraud. The conference will push for more collaboration between the industry and law enforcement to combat crime epidemic.’

Cybercrime or internet fraud is a ticking time bomb that needs to be addressed with urgency. If anyone were to investigate thoroughly, you will be shocked at how much people have lost individually to this menace.