CBN to check cybercrime with framework

In a bid to check growing cyber crime in banks, the Central Bank of Nigeria (CBN) is set to release a policy/framework blacklisting cyber crime fraudsters in the banking system.

The Chief Security Officers (CSOs) of banks who disclosed this yesterday in a one week Nigerian Financial Sector Global Cyber Security Conference held at Transcorp hotel, Calabar, said with the Biometric Verification Number (BVN), “The idea is that when the framework comes out from CBN, the BVN will become a major tool to fight fraudsters. Our recommendation from this conference is that it should become an instrument to kick fraudsters out of the banking system. So those who defraud individuals in banks and other customers of banks, once the investigation proves that they are fraudsters, we believe that the other legal consideration will be taken care of by that framework.

Giving a summary of the conference that attracted mostly Israelis and other nationals as trainers, the Leader of the CSOs, Mr. Sam Okenye said, such framework “should become a major instrument to kick those guys out of the banking system.”

From the conference with over 95 participants drawn from various banks, Okenye said “what we noted is that low level of security awareness is a major challenge. Some customers divulge their sensitive information to fraudsters unknowingly. They put a call to them pretending to be calling from a bank and because customers have low-level awareness they disclose sensitive information and fall for fraud. So low security awareness is a challenge, which we are going to tackle as an industry, which is part of what we agreed here.”