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CIFIAN raises alarm as cyber fraud hits N25 billion in Nigeria

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Cyber crime

Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN), has raised the alert over N25 billion cyber fraud recorded in the nation’s financial institution in the last five years.

Dr Victoria Enape, pro-tem president of CIFIAN, expressed concern over the increased volume of financial frauds in the country.

She said CIFIAN was worried about the development, which is inimical to the development of any country, warning that: “If nothing is done about it now, the future generation will have nothing to fall back on.

“Nigerian Nigeria- map Tasking the newly inducted members, she said: “We are commissioning all members to go and be good ambassadors of CIFIAN in their various organisations to ensure that jointly we prevent fraud, corruption and cyber-crimes in Nigeria and stop further loss of billions of naira as being recorded in the last five years.

“As you are aware, the recorded fraud volume in Nigeria financial institution due to cyber increased dramatically to about N25 billion in the past five years.”

On the organisation, she said: “CIFIAN is saddled with the responsibility of providing skills to professionals from relevant fields on the use of scientific and technology to detect, prevent and investigate fraud no matter how small or big and also put in place some sophisticated mechanisms to prevent future occurrence.

“Therefore, CIFIAN membership cuts across other professions like law, criminology, economics, psychology, police detectives, etc.”

Dr. Enape, who said the Bill to establish CIFIAN was passed by the Senate on July 5, 2018, wondered why the House of Representatives failed to concur with the passage of the bill close to a year after.


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