Nigeria: Banks to establish a platform to fight electronic fraud by July 1

Jun 16, 2015

The Central Bank of Nigeria (CBN) announced on Friday the establishment of the Nigeria Electronic Fraud Forum (NeFF) which will help fighting fraudulent activities in the banking industry.

The Bank’s director of the Department Banking and Payments Systems, Dipo Fatokun, said the new platform will set up mechanisms for receiving and responding promptly to fraud alerts. This should help reduce electronic payments fraud in the country's banking industry.

Banks and e-payment platforms have until July 1 to set up and staff a functioning Fraud Desk.

Among other services, the desk will have to provide banking clients at least 10 dedicated phone lines for fraud alerts and related complaints.

Calls will be redirected to the appropriate authorities and reports will be submitted to the Nigeria Inter-bank Settlement System (NIBSS).

The NIBSS will coordinate the fraud desks of all banks, mobile money operators and payments service providers. It will also provide dedicated direct lines between stakeholders. All interbank transactions on all electronic channels will be passed through this new central anti-fraud solution.ADNFCR-2976-ID-801791221-ADNFCR