NIBSS seeks presidential assent on cybercrime bill before May 29
WITH 1,461 cases of electronic fraud volume reported in 2014, against 822 of 2013, the Nigeria Inter Bank Settlement Systems (NIBSS) Plc, has called for the passage of the Cyber crime bill into law before the end of this present regime.
NIBSS, in its ‘2014 E-Payment Fraud Landscape in Nigeria”, observed that from 2014, the Federal Government of Nigeria, the Central Bank of Nigeria (CBN) and major players in the financial industry took steps to better improve security measures in the country.
According to it, in terms of legal aspect to improve prosecution, the National Assembly in collaboration with the Senate passed a Cybercrime Bill, which spells out punishment for e-crimes that were hitherto not deemed as crimes before. “We believe this would serve as deterrents to fraudsters.
However, if the bill is not signed into law by the president before the expiration of the tenure on May 29, 2015, the Cybercrime Bill would have to start its process all over again from the beginning”, it stated.
However, NIBSS, whose Managing Director is Bisi Shonubi, noted that as 2015 continues to unfold, the Nigerian financial industry has gone a step ahead to introduce and industry-wide, central Anti-Fraud solution, Heimdall to further combat against the fraud rates that has been ever growing.
The Central Switch posited that Heimdall will tackle the currently rising interbank fraud rate in the system as it will monitor inter-bank transactions real-time 24/7, help in the report fraud, as it occurs thus curbing the viral spread of fraudulent transactions in the days ahead.
“Going forward, we might also witness a rise in the prosecution of cyber related crimes and more accountability on senior level executives of institutions when security breaches occur. A more sustained and targeted bank-users education would be required in 2015 to ensure bank customers are not defrauded through social engineering methods”, NIBSS stated. NIBSS disclosed that in 2014, ATM machines were the major victims of fraudulent activities in terms of volume as it experienced the highest number of fraudulent transactions.
It however, said that Internet banking actually accounted for a loss of about N3.2 billion to fraudulent transactions in terms of value. “As for 2013, there were quite a substantial amount fraudulent transactions in terms of volume on Internet banking and Web based transactions.
Also, Across the Counter accounted for almost N16 billion of the attempted fraud, which is the bulk of fraud witnessed in 2013”, the document disclosed. According to NIBSS, electronic platforms such as Internet Banking had 287 volume of fraud for 2014; eCommerce 114; Point of Sales 166; Web 218; ATM 491, Mobile 21. Non-electronic platforms including Across Counter and Cheques recorded 153 and 11 volume of transactions.