Nigeria’s electronic fraud losses hit N4b

By Kokumo Goodie, Lagos, Nigeria

With the introduction of the cashless economy scheme of the Central Bank of Nigeria (CBN) designed to discourage use of cash, electronic crooks seem to have gone back to the drawing board as they got more daring, fleecing banks and customers of over N4billion.

Deputy Governor, Operations at CBN, Alhaji Suleiman Barau, appealed to the Inspector General of Police, Mr. Solomon Arase, for collaboration to halt the losses.

He said the apex bank recognises the role security agencies as strategic partners in stopping e-fraud; adding that the apex bank was seeking the collaboration of the Police with the enactment of the Cybercrime (Prohibition, Prevention) Act 2015 which clearly outlined offences.

He urged Mr. Arase to step up the investigative capacity of the Police to crack e-fraudsters.

He urged the Nigeria Police Force to establish what he called Dedicated Payment and Card Crime Unit within the NPF and constitute a working group that will comprise Nigeria e-Fraud Forum (NeFF) and the NPF to burst the criminals.

He explained that the importance of providing secure payment systems and ensuring public confidence in electronic payment and the role of fraud management cannot be overemphasized at this point in time.

Mr. Arase said the NPF would continue to leverage on the support of the CBN to nip e-fraud in the bud. He directed the Deputy Inspector General of Police (DIG) Force Crime Unit to set up the unit as requested by the CBN.

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