Speaking at a total fraud protection forum organized in Lagos at the weekend by Winigroup limited and Easy Solutions limited, the former deputy governor, Central Bank of Nigeria (CBN), Tunde Lemo, said there is need to sensitize the banking industry of the latest threats from hackers and electronic fraudsters adding that banks need to create a secured environment, brand and fraud intelligence, safe browsing and device analytics.
“I recall that fraud incidence on magnetic stripe was as much as 90 per cent until we introduced chip and pin. We can only fight fraud if we work together. Unless we have a forum for cross-fertilisation of ideas, we may not know what the other guys are doing,” he said.
He urged CBN to quickly galvanise banks to get better technology solutions to deter electronic frauds and take up consumer protection.
The Director, Banking and Payment Systems Department, (CBN), Dipo Fatokun, said WiniGroup has been a partner in the journey towards combating e-fraud and secure e-payments ecosystem.
According to him, CBN along with relevant stakeholders are exploring ways to establish an industry Security Operations Centre and a Risk Information Centre, to consolidate its strength at reducing e-payments fraud to the barest minimum and enhancing trust in payments system.
The Director Europe, Middle East and Africa for Easy Solutions, Jeremy Boorer, said the only security vendor focused on the comprehensive detection and prevention of electronic fraud across all devices, channels and clouds, said Nigerian banks are up in a battle with e-fraudsters who are daily devising new strategies to steal financial information and money from bank accounts.
However, Boorer called on the banks to urgently deploy mobile fraud prevention, transaction risk monitoring, fraud intelligence, cloud and email authentication, safe browsing and clientless malware detection on their electronic channels.
