The Nigeria Electronic Fraud Forum (NeFF) yesterday called for supervision of Financial Technology (FinTech) companies’ operations to check electronic fraud in the banking sector.
NeFF said innovations by FinTech companies are boosting the expansion of electronic payments but insisted they need to guided and regulated.
Speaking during the maiden NeFF general meeting and the unveiling of its 2017 report held in Lagos, NeFF Chairman and Director, Banking and Payments System department of the Central Bank of Nigeria (CBN), ‘Dipo Fatokun said there is an upsurge in electronic fraud especially in recent times, despite efforts to keep it under check.
“Taming e-fraud will continue to be a focus for the forum, as we know the impact fraud has in diminishing trust which is an essential ingredient in building an internationally recognised and nationally utilized payments system. Hence, we remain committed in ensuring that the Nigerian Payment System is not only easy to use, but also reliable,” he said.
Fatokun said the steering committee of the forum met in February which gave members the opportunity to evaluate the impact of its activities and forge new strategies, among which was the institution of an Industry Consumer e-Payment Insurance Protection Plan.
CBN Deputy Governor, Operations, Adebayo Adelabu said the forum must continue to live up to its billing and be unrelenting in fighting fraud in the banking sector.
Adelabu said: “ln fashioning out strategies that would help in achieving this, we must remember that no one single institution can defeat fraud by themselves, as a significant exposure exists by operating in isolation.
“Also, fraud by its nature has continued to affect all institutions, and as such it is more effective to combat it, when working as a group. In addition, customers do not perceive fraud as an issue with a specific institution, as the impact of fraud is more likely to eventually affect the entire industry and not just the institutions that have been impacted.”