The Nigerian Police have partnered with CBN to stop incidents of electronic payment fraud which has led to the loss of over N4b Naira to scammers.
CBN Deputy Governor Mr. Suleiman Barau made the disclosure Tuesday in Abuja when the Nigeria Electronic Fraud Forum(NeFF) paid a courtesy visit to The Inspector General of Police Solomon Arase. He said that no one single institution can defeat fraud by themselves as a significant exposure exists by operating in isolation.
Barau noted that Fraud by its nature affects all institutions, and as such it is more effective to work as a group, saying that customers do not perceive fraud as an issue with a specific bank, but with electronic payments overall, which eventually affects the entire industry .
While noting the importance of the forum and the visit, he said, “An effective Fraud Forum will protect the integrity of the banking industry from criminal threat, as well as boost public confidence in the use of electronic payments. Important stakeholders such as Law Enforcement agencies will be more likely to listen and commit resources to fight crime if they know they are dealing with an industry body who expresses a common opinion and requirement.
“The same also applies to other stakeholders such as payment service providers, card schemes, telecommunication companies, etc. Criminals will capitalize if there is disunity amongst the banks (as has been experienced in the past, where the same fraudster attacks multiple banks, and is not caught, due to lack of information sharing)” He said.
The Deputy Governor further noted that the activities of the Forum has helped to foster and cement collaboration not just among banks but also other players in the payments industry, law enforcement, consumer protection agencies and of course the judiciary, adding that fraud as a threat to both individuals and corporate bodies leaves a cost implication that impacts on Economic and social activities.
According to him, “The Forum recognizes the role of our Law Enforcement agencies as strategic partners in stemming e-fraud; therefore we call for the setting up of a working group comprising of members of (NeFF) and the Nigerian Police to achieve an investigative capacity of law enforcement agencies like the police and also the establishment of a Dedicated Payment and Card Crime Unit in the Nigerian Police”.
In response, the Inspector General of Police, Solomon Arase while noting that the CBN has been veritable friends to the security agencies in Nigeria especially the Nigerian Police said that crime will always occur especially if human exist in such society, adding that the strategic response of the security agencies determines how effective the crimes can be curbed.
He further noted that the Nigeria Police will up its game by building technical platforms through database like the Bank Verification Number (BVN) and the National Identity cards (NIMC) which he said will be a robust way to check crime, adding that the Force will immediately set up a dedicated Card Crime Unit.
While soliciting for the CBN support in having joint capacity building training programmes, Arase said that such programmes will help to make investigations and prosecutions seamless adding, “One of the policy of this administration is that most of our activities must be intelligence driven both in terms of investigations and other of our operations. We will continue to do that and I can assure you that those criminals wherever they are, we will continue to intercept them, prosecute them and arrest them. Criminals can never overwhelm a state, it can never happen, they can only have a temporary respite but they can never get away with it”.
He further advised the CBN to advice most of the commercial banks to have a way of involving the police in their recruitment exercise in order to profile some of the applicants so as to capture them in its database by giving them character clearance to help for easy detection of traitors.
By Gift Olivia Samuel
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The Nigerian Police have partnered with CBN to stop incidents of electronic payment fraud which has led to the loss of over N4b Naira to scammers.
CBN Deputy Governor Mr. Suleiman Barau made the disclosure Tuesday in Abuja when the Nigeria Electronic Fraud Forum(NeFF) paid a courtesy visit to The Inspector General of Police Solomon Arase. He said that no one single institution can defeat fraud by themselves as a significant exposure exists by operating in isolation.
Barau noted that Fraud by its nature affects all institutions, and as such it is more effective to work as a group, saying that customers do not perceive fraud as an issue with a specific bank, but with electronic payments overall, which eventually affects the entire industry .
While noting the importance of the forum and the visit, he said, “An effective Fraud Forum will protect the integrity of the banking industry from criminal threat, as well as boost public confidence in the use of electronic payments. Important stakeholders such as Law Enforcement agencies will be more likely to listen and commit resources to fight crime if they know they are dealing with an industry body who expresses a common opinion and requirement.
“The same also applies to other stakeholders such as payment service providers, card schemes, telecommunication companies, etc. Criminals will capitalize if there is disunity amongst the banks (as has been experienced in the past, where the same fraudster attacks multiple banks, and is not caught, due to lack of information sharing)” He said.
The Deputy Governor further noted that the activities of the Forum has helped to foster and cement collaboration not just among banks but also other players in the payments industry, law enforcement, consumer protection agencies and of course the judiciary, adding that fraud as a threat to both individuals and corporate bodies leaves a cost implication that impacts on Economic and social activities.
According to him, “The Forum recognizes the role of our Law Enforcement agencies as strategic partners in stemming e-fraud; therefore we call for the setting up of a working group comprising of members of (NeFF) and the Nigerian Police to achieve an investigative capacity of law enforcement agencies like the police and also the establishment of a Dedicated Payment and Card Crime Unit in the Nigerian Police”.
In response, the Inspector General of Police, Solomon Arase while noting that the CBN has been veritable friends to the security agencies in Nigeria especially the Nigerian Police said that crime will always occur especially if human exist in such society, adding that the strategic response of the security agencies determines how effective the crimes can be curbed.
He further noted that the Nigeria Police will up its game by building technical platforms through database like the Bank Verification Number (BVN) and the National Identity cards (NIMC) which he said will be a robust way to check crime, adding that the Force will immediately set up a dedicated Card Crime Unit.
While soliciting for the CBN support in having joint capacity building training programmes, Arase said that such programmes will help to make investigations and prosecutions seamless adding, “One of the policy of this administration is that most of our activities must be intelligence driven both in terms of investigations and other of our operations. We will continue to do that and I can assure you that those criminals wherever they are, we will continue to intercept them, prosecute them and arrest them. Criminals can never overwhelm a state, it can never happen, they can only have a temporary respite but they can never get away with it”.
He further advised the CBN to advice most of the commercial banks to have a way of involving the police in their recruitment exercise in order to profile some of the applicants so as to capture them in its database by giving them character clearance to help for easy detection of traitors.
By Gift Olivia Samuel
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