The Nation Newspaper

Tag: NeFF

  • Heritage Bank, NeFF partner to check e-fraud

    Heritage Bank Plc has partnered with the Nigeria Electronic Fraud Forum (NeFF) on the prevention of electronic fraud in the Nigerian banking system.

    Managing Director/CEO of the bank, Ifie Sekibo said at unveiling of the 2017 NeFF annual report in Lagos that the bank was very proud of successes recorded by the forum, adding that the advent of the forum has undoubtedly created revolutionary effect in the conception of banking services in the industry.

    Sekibo who was represented by Executive Director, Services, Ike Williams, said financial institutions in the country had exploited these successes to introduce innovative banking products, especially e-products.

    He said Heritage Bank will continue to support the forum and advised NeFF not to rest on its oars.

    The Heritage Bank helmsman also commended Adebayo Adelabu, the out-going deputy governor of the Central Bank of Nigeria (CBN), Operations as an exceptional leader who made invaluable contributions to the success of the forum.

    While unveiling the NeFF 2017 annual report, titled “Tightening the Belt of e-fraud Prevention: A 4 sided approach,” Adelabu, noted that in an environment that has witnessed fast-paced growth in both volume and value of electronic transactions, it would not be out of the ordinary if fraud attempts are also on the increase.

  • NeFF seeks FinTech supervision to check e-fraud

    the Nigeria Electronic Fraud Forum (NeFF) yesterday called for supervision of Financial Technology (FinTech) companies’ operations  to check  electronic fraud in the banking sector.

    NeFF said innovations by FinTech companies are boosting the expansion of electronic payments but  insisted they need to guided and regulated.

    Speaking during the maiden NeFF general meeting and the unveiling of its 2017 report held in Lagos, NeFF Chairman and Director, Banking and Payments System department of the Central Bank of Nigeria (CBN), ‘Dipo Fatokun said there is an upsurge in electronic fraud especially in recent times, despite efforts to keep it under check.

    “Taming e-fraud will continue to be a focus for the forum, as we know the impact fraud has in diminishing trust which is an essential ingredient in building an internationally recognised and nationally utilized payments system. Hence, we remain committed in ensuring that the Nigerian Payment System is not only easy to use, but also reliable,” he said.

    Fatokun said the steering committee of the forum met in February which gave members the opportunity to evaluate the impact of its activities and forge new strategies, among which was the institution of an Industry Consumer e-Payment Insurance Protection Plan.

    CBN Deputy Governor, Operations, Adebayo Adelabu said the forum must continue to live up to its billing and be unrelenting in fighting fraud in the banking sector.

    Adelabu said: “ln fashioning out strategies that would help in achieving this, we must remember that no one single institution can defeat fraud by themselves, as a significant exposure exists by operating in isolation.

    “Also, fraud by its nature has continued to affect all institutions, and as such it is more effective to combat it, when working as a group. In addition, customers do not perceive fraud as an issue with a specific institution, as the impact of fraud is more likely to eventually affect the entire industry and not just the institutions that have been impacted.”

     

     

  • NeFF, NCC collaborate to check e-fraud

    The Chairman, Nigeria Electronic Fraud Forum (NeFF), ‘Dipo Fatokun, has said the group will be partnering with the Nigeria Communication Commission (NCC) to check e-fraud in the country.

    Speaking at the NeFF quarterly forum held in Lagos, he said the forum had last May, organized a stakeholders workshop on Cybercrime collaborating with Technology Advisors (ICT Lawyers/Consultants) the first specialty ICT Law practice in the country to organize a two-day workshop titled; “Tackling Enforcement Challenges Under The Cybercrime Act”.

    He said smishing, Subscriber Identification Module (SIM) swaps and recycled SIMs have posed a new challenge in Nigeria’s space, with subscribers constantly being inundated with messages and calls aimed at phishing personal banking information from the unwary. It thus has become important to partner with the telcos who can assist us in probably ending this dimension of fraud.

    “Users of financial products need to keep payment safety buttons on top of their mind at all times. We hope that our members will show the much needed cooperation when the time comes for us to jointly engage the public and push our message to the forefront of payment conversations alongside convenience and speed,” he said.

    The workshop, he said, attracted stakeholders as defined by the Act from the Presidency, Banks, Telecommunication Companies and the Nigerian Stock Exchange with the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele who was ably represented by the Deputy Governor, Operations of the Central Bank delivering the Keynote address.

    “The workshop was able to issue a 10 point communiqué which was delivered to the representative of the Hon. Minister of Justice and Attorney General of the Federation for further action. I want to assure you that with your cooperation, we will not relent in realizing the points that have been birthed from this process in order to create a safer operating environment in our payments system,” he said.

  • NeFF seeks banks’ collaboration against fraudsters

    The Nigeria Electronic Fraud Forum (NeFF) has called on banks to be united to enable stakeholders succeed in the fight against fraudsters.

    Speaking at the NeFF end of year meeting held in Lagos, Chairman Committee of Chief Compliance Officers of Banks in Nigeria, Pattinson Boleigha noted that ‘collaboration and customer due diligence’ will help to fight fraudsters.

    “NeFF has been a cornerstone of our security today and that is why we must play our roles for them to achieve their objective. I have not seen any solution but collaboration. This people have no boundaries, let’s try to focus on one common purpose which is the fraudsters. We must try to stay ahead of them else they will take a mile.

    “Unfortunately, some of them are among us. Fraud is a predicate offence to money laundering and that is why we need to collaborate. We must do our customer due diligence properly in order to wipe fraudsters off,” he said.

    Chairman, Nigeria electronic Fraud Forum (NeFF), Mr Dipo Fatokun said the war against fraudsters has not been easy, adding that the regulators have instituted policies and guidelines that are helping to fight fraud in the financial services sector.

    “Fraud is not completely eliminated but we have come out with strict policies and guidelines to help fight it. The war has not been easy this year but the truth is, with the support of the Central Bank of Nigeria and the Bankers’ Committee, the battle has been successful. Let’s collaborate to fight out common enemy because now, they may likely start their own collaboration today,” he said.

  • Mobile payment review’ll foster growth, says NeFF

    The mobile payment system will receive a boost, after the ongoing review of its operational guidelines, the Nigerian electronic Fraud Forum (NeFF) has said.

    NeFF Chairman, Mr Emmanuel Obaigbona, said activities in mobile payment industry would take a new dimension after the review.

    The review, he said, would make the mobile payment system productive, remove certain bottlenecks impeding its growth, and make it competitive.

    He said: “The review will help in improving infrastructure, and foster an enduring relationship among telecom companies, licensed mobile payment firms, agents, among other relevant stakeholders in the mobile payment chain. When this happens, the industry is bound to improve in terms of operations and profitability.

    Obaigbona said the review is taking place years after its guidelines were released.

    “From 2003, many guidelines have been released by the Central Bank of Nigeria (CBN) to bring about the necessary growth in the industry. These include Electronic banking guidelines, Point of Sales (PoS) guidelines, Switches guidelines, Automated Teller Machine guidelines, the mobile payment guidelines, among others. But what we are doing is the reviewing of mobile payment guidelines. We hope to conclude it soon. We have gone far on it. It is about to be ready. When it is ready, it would be presented to the CBN and the Bankers’ Committee,” he said.

    According to him, increased attention is being given to the development of the nation’s electronic payment system to strengthening the economy.

    A Senior Official of Shared Office Department, CBN, Mr Chidi Umeano, had earlier told this newspaper that the apex bank would tackle certain problems affecting the mobile payment sub-sector.

    Umeano said infrastructure is one of the major problems facing the mobile payment operators, stressing that there are on-going efforts to address the issue.

    In the same view, the Managing Director, Nigerian Inter-Bank Settlement System (NIBSS), Mr Adebisi Shonubi, had in a review of the performance of mobile payment firms, said the value of transactions recorded by the operators has not been too impressive.

     

  • Mobile payment review ’ll be completed soon, says NeFF

    THE ongoing review of mobile payment frameworks will be completed soon, it was learnt.

    Anlaysts say the review would help to remove some bottlenecks which impede the growth of mobile payments, make it more productive, and boost the subsector.

    The Chairman of Nigerian Electronic Fraud Forum (NeFF), Mr Emmanuel Obaigbona, said the mobile payment guidelines have been released.

    He said: “From 2003, many guidelines have been released by the Central Bank of Nigeria (CBN) to bring about the necessary growth in the industry. These include Electronic banking guidelines, Point of Sales (PoS) guidelines, Switches guidelines, Automated Teller Machine guidelines, the mobile payment guidelines among others. But what we are doing is the reviewing of mobile payment guidelines. We hope to conclude it soon. We have gone far on it. It is about to be ready. When it is ready, it would be presented to the CBN and the Bankers’ Committee.”

    According to him, more attention is being given to the development of the nation’s electronic payment system to strengthen the economy.

    He said the NeFF has recorded some successes in educating people on the various electronic frauds in the country, adding that fraudsters use electronic payment channels to commit crimes.

  • EFCC, NIBSS, others to fight e-fraud

    The Nigerian Electronic Fraud Forum (NeFF) is partnering with the Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN), Nigerian Inter-Bank Settlement System (NIBBS), among others, to check electronic payment frauds and related offences.

    NeFF’s Chairman Mr Emmanuel Obaigbona, told The Nation that the development was borne out of the need to boost confidence in the electronic payment system.

    He said: “We are trying to bring together the tradition of electronic payment system in Nigeria. We are seriously working with the EFFC, NIBBS, CBN, owners of switches, and industrial workers on the issue of checking electronic payment frauds. We are working on how to educate the law enforcement agents, and the judiciary on what e-frauds is all about.“

    According to him, the body has created a lot of awareness on fraud issues to enlighten people on the causes of e-payment frauds.

    “We have tried to let people know some of the likely fraudulent activities, arising from the use of electronic payment channels such as Automated Teller Machines (ATMs), Point of Sale (PoS) terminals, mobile phones, among others. Also, we have taught them how to mitigate such risks to stimulate the growth of the financial system,” he added.

    Obaigbona said the relevant stakeholders were being carried along to check fraud in e-payment transactions.

    He said the anti-fraud committee set up by the CBN to tackle e-payment frauds has been working to proffer solutions to the problems, adding that the committee has been consistent with its mandates to fight e-payment frauds among the stakeholders in the nation’s financial chains.  580

    Similarly, an official of the Shared Services Office, Governor’s Department, Mr Chidi Umeano, said the committee, which has been upscaled to e-payment fraud forum has, as members, managing directors of the banks, and the electronic payment card companies, such as MasterCard, Visacard among others.

    He said the forum holds meetings regularly to discuss and fine- tune plans on how to solve problems relating to e-payment frauds in the industry.

    “There has been growing concern on the part of the forum to address the issue of frauds relating to electronic payment transactions in Nigeria. The forum hopes to provide solutions to the problems”, he said.