Apex bank joins forces with Police after banks, customers lose N4 billion to e-fraudsters

Reports reveal that the Central Bank of Nigeria (CBN) and the Nigerian Police have reached an agreement to create a working group that would join forces to foil electronic fraud after the apex bank discovered that banks and customers have lost about N4 billion to fraudsters.

Mr. Suleiman Barau, deputy governor, CBN, while leading members of the Nigerian Electronic Fraud Forum on a courtesy visit to the Inspector General of Police, Mr. Solomon Arase, in Abuja on Tuesday, said, “This forum (NEFF) recognises the role of our law enforcement agencies as strategic partners in stemming e-fraud; therefore we are here to further advance this strategic intent of collaboration.”

“Today, with the enactment into law of the Cybercrime (Prohibition, Prevention) Act 2015, offences are now clearly outlined and it has thus become imperative for us to build the investigative capacity of our law enforcement agencies especially the Nigeria Police.”

READ: Commission signs MoU with CBN to take over BVN

“The activities of this forum has helped bridge the gaps by fostering and cementing collaboration not just among banks but also other players in the payment industry, law enforcement, consumer protection agencies and of course the judiciary.”

“Today, it is a threat not only to individuals and corporate organisations but also to the entire nation. Its cost implication can be measured through not only economic but also social impacts, as it is evident today. That industry losses have grown to over N4bn buttresses the fact that e-fraud has become an industry of its own,” Barau added.

In his comment, Arase, the IGP, said the police was committed to establishing a dedicated Payment and Card Crime Uite in the force at the request of the CBN.