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CBN, stakeholders to tackle N2.2b ePayment’s yearly losses

A high-level discussion forum, backed by the Central Bank of Nigeria (CBN), Visa Inc., Unified Payments and Global Accelerex is set to explore strategies on how the country can drastically reduce assessed N2.19 billion yearly losses to cases of electronic-fraud (e-fraud) in Nigeria.

The meeting point of the stakeholders would be at this year’s eighth edition of the yearly Payment Systems and Fraud Conference being organised by the Electronic Payment Providers Association of Nigeria (EPPAN).

The event, scheduled to hold in Lagos on November 7, 2017, is being hosted in partnership with the Nigeria Electronic Fraud Forum (NeFF); the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN); the Information Security Society of Africa-Nigeria (ISSAN); Association of Chief Audit Executives of Bank in Nigeria (ACAEBIN), among others.

A NeFF report had indicated that Nigerian economy loses N2.19 billion to e-fraud yearly, just as it said that cases of electronic fraud increased by 82 per cent between 2015 and 2016.

The E-PPAN’s e-fraud conference is therefore, focusing on the theme: “Leveraging Big Data Analytics in Combating Payment Fraud.”

According to the Executive Secretary and Chief Executive Officer, of EPPAN, Mrs. Regha Onajite, this year’s conference “will curate a one-day rallying ground for over 250 delegates made up of chief executives, risk, compliance, high ranking government executives, security experts and law enforcement professionals.”

She said the stakeholders are drawn from banks, government agencies and ecommerce, telecommunication and industry regulators, to focus on latest fraud techniques and technologies, as well as how to use big data to ensure an effective, swift, and well-orchestrated response to cyber attacks.

Onajite said cyber attack trends around the world show that organisations are vulnerable because of how swift fraudsters take advantage of any loophole in the system, adding that winning the fight against fraud requires the collaboration of all.

“This is why the 2017 conference objectives are to come up with new and proactive ways of fighting fraud using Data Analytics in an industry collaborative approach to manage and prevent electronic fraud. The conference will push for more collaboration between the industry and law enforcement to combat crime epidemic,” she said.

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