Institute decries financial fraud, moves to protect Nigeria, citizens

Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CICFIN) has expressed an urgent need to strengthen Nigeria’s financial security system and safeguard its economic future by blocking leakages in Financial Technology (Fintech) companies.

Quoting figures from the Central Bank of Nigeria, the institute stated that Fintech fraud increased by 22 per cent in 2022 with estimated losses of N207.6 billion while 2.71 per cent of Nigerian Fintech users experienced phishing attempts the same year.

Speaking at the Institute’s ninth training graduation and fellowship awards ceremony at EFCC Academy in Abuja recently, the President and Chairman-in-Council, Dr Iliyasu Gashinbaki, said the frequency and sophistication of fintech fraud attacks were on the increase as fraudsters were taking advantage of the nation’s weak financial security system, outdated regulatory frameworks, and insufficient fraud detection mechanism to perpetrate their acts.

He, however, commended the role of Fintech companies in re-engineering Nigeria’s economy and Africa in general.

He said: “Africa’s growing Fintech space is driven by some of the most valuable tech companies.

“As of 2023, Nigeria boasts of five Unicorns: Interswitch, Flutterwave, Opay Andela, and Jumia. They collectively represent a total valuation of about $8 billion, showcasing the vast potential of Nigeria’s digital economy. Despite this impressive growth, the industry’s full potential is under threat due to escalating cyberattacks and fraud risks, which could undermine investor’s confidence if left unchecked.”

To checkmate this, Gashinbaki said the Institute would be spearheading coordinated efforts in partnership with the Fintech UNICORNS to make Nigeria and Africa’s Fintech space safe and secure.

He said the institute was committed to introducing forensic audit systems tailored for digital platforms and partnership with Fintech companies to stem the tide.

Also speaking, Justice of the Supreme Court, Moore Abraham Aseimo Adumein, said CIFCFIN, is pivotal to winning the war on corruption and other financial crimes currently bleeding the country dry. The Justice added that winning the war against corruption is a task for all Nigerians.