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Bankers’ Committee gets tough with e-fraudsters
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Bankers’ Committee gets tough with e-fraudsters

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Bankers yesterday warned e-fraudsters to behave or be taken off the banking system. Speaking for the Bankers’ Committee, Access Bank Managing Director Herbert Wigwe said banks were working out modalities that would enable them establish a central database to identify and punish e-fraud perpetrators.

Data from the Central Bank of Nigeria (CBN) has shown e-fraud has been on the rise. Although e-fraud rate in terms of value dropped by 63 per cent in nearly two years, after the introduction of the  Bank Verification Number (BVN) and improved collaboration among banks via the fraud desks, the total fraud volume rose significantly by 683 per cent within the period.

Also, Nigeria experienced nearly 3,500 cyber-attacks with 70 per cent success rate and loss of $450 million within the last two years, mainly through cross channel fraud, data theft, e-mail spooling, phishing, shoulder surfing and underground websites.

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