“E-fraud poses a serious threat to digital finance,” says CBN

The Central Bank of Nigeria (CBN) has identified e-fraud as the greatest threat to digital finance.

The Director, Consumer Affairs Bureau, Nigerian Communications Commission (NCC), Efosa Idehen, disclosed this while speaking at the Secondary School debate organized by the NCC in collaboration with Save the Consumer in Abuja.

The theme of the event was, “Should Secondary School Students Use Mobile Phones To Enhance Education?”.

Idehen said that this was to create awareness and save consumers from e-fraud and to educate the young ones on the proper use of e-channels for financial services.

“According to the CBN, e-fraud is costing the Nigerian financial sector whopping sums of money.

“As technology evolves, there is a growing concern over the rising trend in fraud perpetuated on telecom platforms across key sectors of the Nigerian economy known as e-fraud.

“This menace, which follows wide acceptance of new methods of mobile banking and other payment systems has been discovered to cost the country whopping sums of money.

“The Central Bank of Nigeria (CBN) rates e-fraud as the biggest risk in the sector, which has widely affected electronic payment solutions such as Automated Teller Machines (ATMs), Nigeria Inter-Bank Settlement System (NIBBS) Instant Payment and mobile banking.

“…Attackers are now targeting telecom networks intending to disrupt service delivery and infiltrate their data bank, SIM swaps, Unstructured Supplementary Service Data (USSD) and e-payment fraud.

“To address this menace, the commission actively collaborates with critical stakeholders such as CBN, the Nigerian Police (NPF), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and other relevant bodies in the fight against e-banking fraudsters,” Idehen disclosed.

He maintained that ICT has played a critical role in young people’s rise to prominence on a global scale and has given them a voice where there was none before.

“It has brought them together in response to social concerns and has connected them across vast geopolitical barriers.

“ICT has also provided youth access to digital financial services. For young people, access to information means better access to capital, markets and training needed to pursue a career or studies.

“This year’s World Consumer Rights Day’s theme, “Fair Digital Finance”, calls for stakeholders to do more in bridging the gap in digital finance, whilst protecting consumers and keeping them informed on safe financial services,” he added.

The Country Director of Save the Consumer, Aliyu Ilias, said the organization has enjoyed six years of partnership with the NCC.

“Save the Consumer will continue to work with the Commission to save the consumer.

“For the past six years that we have been in this partnership the relationship has been very cordial,” he said.

Also, the Director, Digital Economy Department of the NCC, Augustine Nwaulune, enlightened the students on what digital finance is and how it has made buying and selling easier.

Nwaulune also promised to follow up with all the students, who participated in the debate.

A total of nine Junior Secondary Schools (JSS) participated in the debate.

They include JSS Kayada, JSS Wuse zone 3, JSS Gwarinpa Estate, JSS Gwagwala Haj Camp, JSS Kwali.

Others are JSS Area 10, JSS Jabi, JSS Bwari Central, and JSS Garki.

JSS Kayada emerged the overall winner, with JSS Area 10 emerging first runner up while JSS Wuse zone 3 emerged as the second runner up. (VON)