The Central Bank of Nigeria has said it is leaving no stone unturned in combating electronic fraud as cash-lite system begins in Lagos. The apex bank, as a result, had set up a forum of payment stakeholders to develop strategies for tackling electronic fraud.
The Deputy Governor, Operations, CBN, Mr. Tunde Lemo, who disclosed this during an e-Payment forum in Lagos, said, "We have recently set up an industry wide Nigeria E-Fraud Forum, which will serve as an official body to represent the industry on fraud-related issues, while enabling a forum for payment stakeholders to collaboratively share data on fraud attempts and proactively tackle these issues, with the objective of minimising fraud attempts and limiting losses. "
He stated that the apex bank was mindful of the risk of electronic fraud that could result from multiple channels to be deployed to drive the cashless economy.
Lemo noted that security challenges would emerge as the CBN intensified effort to transform the economy from cash-based to e-Payment driven.
He said, "While striving to grow and develop the available channels for retail payments, the CBN is also mindful of the infrastructure and the security challenges posed by this ambitious programme.
"We have therefore progressed in forging effective partnership with telecommunications companies with the cooperation of the Nigerian Communications Commission while ensuring that structural impediments such as un-interoperability of payments networks of stakeholders are removed."
He noted that the CBN had earlier convened the Automated Teller Machine Fraud Prevention Group which had helped the industry in driving down ATM fraud incidents by 99 per cent.
This development, he said, had also been enabled by the introduction of the more secure chip & PIN cards versus the magnetic stripe cards that were formerly used in the industry.
According to him, the success of the group demonstrates practically what can be achieved as an industry when stakeholders work together to address issues, for the good of the system and the public at large.
Lemo stressed that the CBN recognised that innovations in payments system required institutional support; hence, the issuance of relevant rules and regulations in order to provide a level-playing field for all stakeholders in the retail payments industry.
He said, "Consequently, the CBN has commenced the review of the following guidelines: guidelines on Transactions Switching, regulatory framework for mobile payments, National Central Switch Operations Rules.
"Other guidelines which were earlier issued including the POS guidelines, guidelines on Stored Value Card and Prepaid Card Issuance and the regulatory and supervisory framework for the operations of credit bureau provide requisite regulatory support."
Lemo said the aim of the various guidelines was to foster consensus and cooperation amongst a broad number of payments service providers and increase public confidence in the system, among others.
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