Good Morning Nigeria: Need for more sweep in e-banking
​Need for more sweep in e-banking
Electronic banking has increasingly become a core tool of banking business strategy and a strong catalyst for economic development. At the same time, the adoption of e-payment channels increases the incidence of electronic fraud. Considering the surge in e-commerce and its potential to drive increased investment in Nigeria’s economy, we welcome the recent release of an e-fraud report by the Nigeria Electronic Fraud Forum (NeFF) of the CBN. This new series is to be released on an annual basis. Its maiden report begins with 2014 and captures views from over ten DMBs on e-payment channels. One common thread was similar trends in phishing attacks on banks.
- Due to spikes in phishing, particularly in the last quarter of each year since 2012, most banks have invested in anti-phishing solutions to protect customers.
- According to the report, most organisations leverage on fraud prevention as a competitive advantage. They are naturally unwilling to share their fraud management strategies with competitors.
- Data from the Nigeria Inter-Bank Settlement System (NIBSS) show that the greatest number of fraudulent transactions in 2014 took place on ATMs.
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