CBN establishes Nigeria Electronic Fraud Forum

This happens as part of its effort to combat fraudulent activities in the banking industry, particularly those associated with increased use of electronic payment systems.

The new desk would set up effective mechanisms for receiving and responding promptly to fraud alerts, to help manage and reduce electronic payments fraud in the countrys banking industry.

The desk would also log on all customer fraud alerts and complaints and redirect them to the appropriate authorities in line with internally predefined path, while preparing and submitting reports regularly to the Nigeria Inter-bank Settlement System (NIBSS) on fraud information.

Under the new arrangement, the NIBSS would be responsible for coordinating the industry as provider of electronic platform for all the fraud desks across all banks, mobile money operators, switches and payments service providers to log frauds. All interbank transactions on all electronic channels are expected to be passed through the central anti-fraud solution in NIBSS, which shall have access to each bank record of fraudulent transactions and provide monthly reports to the CBN.

All banks are expected to implement across all electronic channels an enterprise fraud monitoring system that would ensure behavioural monitoring, patterns and hold/block controls on transactions suspected to be fraudulent.