NIBSS, NSC Intensify Fight Against e-Payment Fraud

By Ikenna UGWU

POS

LAGOS-The Nigerian Inter-Bank Settlement System (NIBSS) has stated its readiness to tackle electronic payment fraud as it is necessary to improve electronic payment transactions and engender growth in the economy.

NIBSS’s Managing Director, Ade Osinubi, made the remark when the management of the Nigerian Computer Society (NCS) visited his company. He noted that efforts were being made among the stakeholders in the financial chains to rid the country of fraud in the electronic payment system and allied areas.

According to him, partnerships are evolving to reduce the hiccups in the electronic modes of payments, and further reduce the cost of managing cash in the economy.

Osinubi explained that electronic frauds sabotage the growth of the financial sector and the economy, stressing that the only way to check the malaise is to fight it headlong.

He said there was need to take security serious in the information and technology (IT)-driven society, adding that customers and financial institutions must be alert to reduce the fraud.

Meanwhile, NCS’s president, Demola Aladekomo, said NIBBS has helped to implement the cheque truncation policy, among other measures put in place to enhance the quality of e-payment transactions and make e-payment transactions free of fraud.

Chris Onyemenan, CEO, National Identity Management Commission (NIMC) said the agency would help in reducing fraudulent practices in the financial industry.

He added that the implementation of the unique identification number (UIM) project of the NIMC in particular was crucial to the success of the electronic payment system initiated by the Central Bank of Nigeria (CBN).

 

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