Nigeria records 63% drop in electronic fraud

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There was a remarkably drop in the number of electronic fraud-related cases in Nigeria last year, compared to the previous year, with 63 per cent reduction recorded.

According to a source, this was through some collaborative efforts between the Central Bank of Nigeria (CBN) and other stakeholders.

Reports from the Nigerian Electronic Fraud Forum (NeFF), a medium for monitoring development in that front, said the development showed that more effective measures were taken to combat electronic fraudsters last year.

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Also a statement by the CBN said indication payments industry and other major players were more prone to sharing experiences on fraud thereby mitigating factors favourable to the vice in 2015 than was the case  in the previous years.

It further disclosed that sharing of cyber-security intelligence in the financial sector grew in 2015 and has served as a model for other similar initiatives, not just in Nigeria, but also beyond.

The statement, captioned: “The NeFF Story” gave graphic account of drop by 46% in attempted frauds, while witnessing a total 63% reduction in actual losses, compared with the case from the 2014 e-fraud figures.

The 2015 Annual Report of the forum further claimed improving and securing the cyber-environment, which could not have been possible without cooperation among stakeholders, intelligence sharing and awareness of all consumers of e-products of the threats inherent in embracing advanced payment technologies.”



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