To increase acceptance and increase Nigerians’ trust in the innovation, the Lagos branch of the Association of Certified Fraud Examiners (ACFE) has urged for enhanced security on digital payment platforms.
This is happening in the midst of an increase in digital fraud cases that is still tearing apart the US economy.
According to a recent study by the Financial Institutions Training Centre (FITC), over the three months ending in September 2022, Nigeria’s losses from fraudulent operations increased by 207.9 percent.
Furthermore, a research from the Nigeria Inter-Bank Settlement System (NIBSS) states that the banking industry lost almost N9.5 billion in 2023 as a result of electronic fraud.
According to ACFE in a communique issued at the end of its 6th anti-fraud conference/investiture ceremony, this reality has continued to threaten the gains of technology and financial inclusion.
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Stressing the importance of technology to the payment system, the association stated that this will drive innovations, with more businesses and individuals coming to embrace it.
“But stakeholders must provide reasonable assurance in the security and efficiency financial transactions for sustained acceptance. Once confidence is built and cyber security is assured, our payment system would be more modernised and this would drive the growth government desires and promote financial inclusion as the informal economy becomes subsumed into the mainstream economy”, it noted.
On tackling digital fraud, the association recommended for collaboration between anti-fraud agencies and regulatory bodies across sectors, which it asserted that such would promotes a robust regulatory framework, and fosters public confidence.
“By working together, regulatory authorities and anti-fraud agencies can effectively combat fraud, mitigate risks, and ensure the integrity and stability of Nigeria’s financial and economic landscape.
“Sustained commitment to this collaborative effort will yield long-term benefits, foster a safe and transparent business environment that will support sustainable growth and development”
