The Central Bank of Nigeria (CBN) says Nigeria has recorded 46% reduction in attempted e-fraud in 2015 compared to the preceding year, 2014.
According to the Nigerian apex bank, e-fraud drop was recorded by the Nigerian e-Fraud Forum (NeFF) backed by CBN.
In the a document signed by Suleiman Barau, CBN’s Deputy Governor Operations, the apex bank says the Nigerian banking sector also witnessed a 63% reduction in actual losses from 2014 e-fraud figures.
[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]According to him, “this sharing of cyber security intelligence in the financial sector has grown in 2015 and has served as a model for other similar initiatives, not just in Nigeria, but also beyond our geographical entity.”[/quote]“The NeFF Story is the documented reduction by 46% in attempted fraud, while witnessing a 63% reduction in actual losses from 2014 e-fraud figures. These reductions show that fraud was better curbed, and more effective measures were taken to combat fraudsters in 2015”, Barau says.
“The year 2015 has been very eventful in the Nigerian e-Fraud Forum (NeFF) journey; the Central Bank of Nigeria (CBN) has continued to show leadership in driving NeFF – where Payments Industry stakeholders meet to share experiences on fraud and mitigating factors,” Barau noted.
According to him, “this sharing of cyber security intelligence in the financial sector has grown in 2015 and has served as a model for other similar initiatives, not just in Nigeria, but also beyond our geographical entity.”
“There is no doubt that in reviewing the performance of NeFF for 2015, the Forum has succeeded in raising the bar of how the unending battle to secure the cyber-space is prosecuted. The landscape for combating e-fraud in Nigeria has changed forever and I am glad that NeFF is driving this change,” he added.
Barau thus commended NeFF for the report and assured it of CBN’s support in combating cyber crime in the country.
He believes that “this shows the importance the Forum accords to improving on cooperation among stakeholders, intelligence sharing and awareness of all consumers of e-products of the threats inherent in embracing advanced payment technologies.”
“I believe that this report like its forebears, will further shape our collective will in restraining cyber-criminals and creating an even safer payments system, which will impact the growth and development of the Nigerian economy. I therefore commend the report for reading and re-affirm the support of the Central Bank of Nigeria in prosecuting the objectives of NeFF”, according to Barau.