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Published On: Tue, Aug 19th, 2014

CBN calls for collective approach against e-fraud syndicate

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CBN-central-bank-of-NigeriaBy Mahmud jika

Waging war against electronic fraud can only be achieved through collective approach by all the stake holders in financial system and the economy in general.

This was made known by the Central Bank executive Director of Banking and payments systems, Mr. Dipo Fatokun, at the Nigerian Electronic Fraud Forum organised by the Central Bank and Commercial Banks. The fight against electronic fraud   in the financial system can’t be done alone by the apex bank, as it will be a joint effort by all players in both the financial system and the economy in general.

He urged the payment service providers and other related   players in the financial system to join hands and strategy in combating and subsequently reduce to a minimum   level the high volt of electronic fraudsters within Nigerian financial system and the economy at large.

He noted that, Nigeria as a country has done well on the electronic payment, but   pointing out that there had been a noticeable increase in the number of transactions that went through electronic channels.

Fatokun said, “The fraudsters are always following the money wherever it is. They are also following it electronically. Fraudsters are always deploying new strategies and that is why this forum will continue to meet, collaborate, cooperate and discuss. That does not mean there will not be an end to it. The truth is it is reducing and will continue to reduce. For it to reduce further, we need to think ahead of the fraudsters”.

He said this was the reason the CBN and Bankers’ Committee had taken step to make NeFF inclusive and assertive.

Meanwhile, the CBN has launched ‘Out bound Money Transfer Services’ in partnership with the Western Union Money Transfer. According to the central bank, the outbound service, which is first of its kind in the country, will provide Nigerians the opportunity of transferring funds up to $2,000 to their relatives and dependents abroad (person to person transfer).

In a related development, the Central Bank of Nigeria has kick start the second phase of the registration of bank customers on the Bank Verification Number   platform (BVN).

the exercise was started with 1000 banks branches across the federation, among which includes First City Monument Bank,(FCMB),which has its 44 selected  branches in Lagos and its head office among the list.

A statement quoted FCMB’s Executive Director, Service Management and Technology, Mr. Nath Ude, to have said that the bank’s head office branch and its Wuse Zone four branch in Abuja, which were both selected during the first phase are fully carrying out the exercise as well as 42 others.

Ude said all the banks’ customers, including staff members were required to enroll and obtain their BVN. The exercise which has been described as seamless only requires a valid means of identification such as national identity, international passport or driver’s` license.

“Any bank customer can go for the BVN registration at any of the selected bank’s branches but not necessarily restricted to where his or her account is domiciled.

“Every customer can only enroll once while it takes an average of five to seven minutes to complete the exercise. A simple form is then issued to the customer to fill (see attached) is to be completed and enrolment receipt or ticket is issued after the enrolment,” he said. Also, at the end of this exercise, the customer receives an sms stating his or her BVN within 24 to 48 hours.

The exercise is expected to achieve verification and secure authentication of the identity of bank customers and ultimately serve as a means of authenticating customer’s identity at point of banking transactions. It gives bank customers a uniform and single identity called the BVN that would be acceptable across the Nigerian financial system as all other bank accounts operated by the individual would be tied to do it.

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