" ITREALMS: Electronic fraud tops agenda at E-PPAN, CBN conference

Wednesday, October 19, 2016

Electronic fraud tops agenda at E-PPAN, CBN conference

The alarming growth of electronic frauds is on top of the agenda at the forthcoming annual Payment Systems and Fraud Conference slated for next month in Lagos, reports ITRealms.

Industry observers recall that the Central Bank of Nigeria (CBN) and key stakeholders focused searchlight on efraud which allegedly caused the loss of over N4 billion in the country.

ITRealms recalls that with over N30 trillion transactions carried out on different e-payment channels by businesses and individuals in the country, stakeholders have expressed worries over cases of e-fraud, which they said discouraging some people financial inclusion.

Reliable sources at the Nigerian Interbank Settlements System Plc. (NIBSS) revealed to ITRealms that over N4 billion was lost to cases of e-frauds in 2015 alone.

ITRealms also reports that the conference with the theme: ‘E-Payment Fraud: People, Process and Technology’ would hold at the Civic Centre, Victoria Island, Lagos on November 8, this year.

For the Chief Executive Officer, E-PPAN, Mrs. Regha Onajite, the conference has been designed to be a veritable rallying ground for the financial industry to deliberate on payment systems and fraud knowledge in West Africa.

“This event will bring together senior level officers of the fintech sector, banking, regulatory bodies and public officers. Our core focus on this years’ edition is to tackle fraud in a proactive and top-down approach that involves people, process and technology. This will help create effective combats against the activities of the e-payment fraudsters in Nigeria,” she said.

Explaining specific objectives of the conference, she said the conference address the challenges posed by people’s laxity in divulging and compromising organisation information system to fraudsters.

“It will also re-appraise, reconnect and tackle the processes that compromised the entire system of e-payment hemisphere in Nigeria, and fashion out how organisations can invest in and deploy the right technologies to enable the industry be a step ahead of these criminals,” she said.

Onajite added that E-PPAN partners at this year’s event, apart from the CBN, include the Nigerian Electronic Fraud Forum (Neff), Committee of –Banking Head (CeBIH), Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN), Information Security Society of Nigeria (ISSAN) and the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), among others.

She said attendance for the conference was free urging persons to register for the event, which, she said, would be a melting pot of ideas to proffer solutions to the cases of e-fraud in the nation’s e-payment industry.

Chuks Egbune/GEE

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