Scam Alert CBN wants banks to open e-fraud desk

The Central Bank of Nigeria has told all banks and other financial institutions to establish e-Fraud departments.

  • Published:
Central Bank of Nigeria play

Central Bank of Nigeria

(Business Times)
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The Central Bank of Nigeria (CBN), has ordered deposit mon­ey banks, mobile money operators, switches and all payment service providers to establish electronic fraud desks as part of its effort to combat fraudulent activities in the banking industry.

The country's apex bank's Director of Bank­ing and Payments Systems Department, Dipo Fatokun, gave the advice urging that the estab­lishment of the new industry desk followed submissions to the NeFF and consultation with the deposit money banks as well as electronic payments service providers.

According to Fatokin, the new desk would set up effective mechanisms for receiving and responding promptly to fraud alerts, to help manage and reduce electronic payments fraud in the banking industry.

In a memo to all DMBs, switches and payment service providers, the CBN gave all banks and e-payment plat­forms July 1 deadline to set up and staff a functioning Fraud Desk.

He noted that the staff of the desks must be trained on emerging fraud trends on various electronic payments channels, while stating that defaulting banks risk serious sanctions.

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