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Bank auditors seek telcos support to curb e-fraud

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The Chairman, the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Yinka Tiamiyu, has called for more synergy between banks and telecommunication companies to curb the rising electronic fraud as e-payment gains attention.
   
In a statement, Tiamiyu said ACAEBIN, which is also a sub-committee of the Bankers’ Committee of the Central Bank of Nigeria (CBN), wants telecommunications firms to step up their cooperation and collaboration with banks especially in the area of know-your-customer (KYC) documentation.
He noted that the association has collaborated with all the stakeholders in the industry to transform the payment system. 
   
“We must ensure that the Nigerian Communications Commission (NCC) and telcos are on the same page with us in realising the dreams of safe payment systems. The law enforcement agencies have also come to realise the role and support the banks are making in the fight against fraud. Hence, there is the need for improved cooperation and collaboration,” Tiamiyu said. 

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He said this year’s Annual Retreat/Conference and General Meeting of the association ‘Exploiting Digitization and Disruption for Value Creation’ billed to hold from March 25 to 27 resonates well with the current realities. 
  
“So, this theme could not have come at a better time; we are trying to look at how we can exploit the disruptions that are happening around the world to get better by creating value and making progress. 
   
“The banking industry is creating a lot of digital products to keep the business running, and if you look at the banks’ fraud cases that resulted in the loss of about N2.1 billion, more than 90 per cent of those frauds were perpetrated through technologically driven channels. 
   
“So as internal auditors, the knowledge of technology will enable us to identify gaps in our core banking applications,” he said. Tiamiyu said that other groups including the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) and the Association of Chief Operating Officers of Banks are also involved in the campaign to adopt a more secure electronic payment. 
 

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