Apex bank reveals drop in fraud as e-payment transactions rise

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February 10, 2016 9:05 AM

Mr. Dipo Fatokun, CBN Director, Banking and Payment System, revealed that the value of attempted fraud in 2015 dropped to N4.37 billion compared to N7.75 billion recorded in 2014.

Mr. Dipo Fatokun, director of Banking and Payment Systems at the Central Bank of Nigeria (CBN).

According to media reports, the Central Bank of Nigeria (CBN) has said the value of actual loss to fraud on electronic banking channels declined in 2015 in spite of rise in e-payment transactions.

Mr. Dipo Fatokun, CBN Director, Banking and Payment System, revealed that the value of attempted fraud in 2015 dropped to N4.37 billion compared to N7.75 billion recorded in 2014.

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Fatokun, speaking at a seminar for finance journalists and editors on Tuesday in Ibadan, said the volume of electronic transactions rose by 43.4 per cent to 162.59 million from 113.42 million in 2014.

According to the CBN director, the value rose to N48.93 trillion from N43.85 trillion in 2014, highlighting an 11.6 per cent increase.

Fatokun attributed the decline in fraud to the introduction of the Bank Verification Number (BVN), beefed up security features on the electronic payment channels, among others.

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