Experts proffer solutions to e-fraud at EPPAN confab

THE E-Payment Providers Association of Nigeria (E-PPAN) will gather key stakeholders from the law enforcement agencies, regulators, commercial banks, merchants, service providers and consumers on a one-day intensive dialogue session on the fight against electronic fraud.

The conference, themed: “Hitting the Target: Addressing Electronic Fraud through an Industry Approach” will hold on November 10, at Four Points by Sheraton Hotel Victoria Island, Lagos.

According to EPPAN, electronic fraud is no longer a new crime but the ways in which electronic payment fraudsters operate have evolved significantly in recent years.

EPPAN noted that the activities of these fraudsters are based on high levels of planning and coordination, adding that according to the data released by the Central Bank of Nigeria in the Financial Stability Report (FSR) for December 2014 the banking sector lost over N3.04 billion in 2014 to electronic fraud.

“As staggering as these figures are, the costs of fraud cannot be measured solely in terms of monetary loss. The effects permeate the entire society”, it stated.

The EPPAN has, over the years, massively created awareness on electronic fraud, bringing together key stakeholders to constantly deliberate on how to effectively prevent, detect, and work with law enforcement agencies to see to the prosecution of fraudsters as a means to deter others.

In order to significantly reduce fraud, it is essential to formulate a solid, comprehensive approach.

One of our main approaches over years, according to the body, has therefore been to advocate for a collaborative approach in fighting fraud.