N6b lost to internet fraud in 2014, says NIBSS - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Sunday 8 November 2015

N6b lost to internet fraud in 2014, says NIBSS

N6b lost to internet fraud in 2014, says NIBSS

The economy lost over N6billion last year to internet fraud the Nigerian Interbank Settlement Systems (NIBSS) has said.

Hackers, it said, gained entry into accounts either through internal collusion, customers’ carelessness or breaking into the security system of financial institutions and companies from outside.

At an event organised by the Lagos Chamber of Commerce and Industry (LCCI) on  the role of ICT in a cashless economy, NIBSS Managing Director,  Mr. Adebisi Shonubi said the challenge financial institutions, organisations and individuals grapple with in a cashless economy is that of security of funds.

Examining the growth of cashless economy, Shonubi said 95 per cent transaction in 2011 was based on cash with attendant high armed robbery cases where bank bullion vans were attacked almost on a daily basis.

He said people did almost all their transactions in cash to the extent that in every N100 spent, N65 was on cash transaction.

In comparison with recent years, he said,  between 2013 and 2014, for instance, cashless transactions increased to 53 per cent in volume and 78 per cent in value, growing the economy by cutting down on excessive cost.

Represented by the agency’s Director of Industrial Services, Mr. Olufemi Fadiro, he encouraged the public to be more circumspect in disclosing their personal data to strangers or paying online.

He maintained that somebody can be in Nigeria and lose his life savings outside Nigeria because of the heightened interest of people to pay everything online and also disclose the security numbers to unknown sites.

Speaking on ‘Providing Seamless Connectivity in E-commerce,’ Managing Director, Vodacom Business Africa (Nig.), Mr. Guy Clarke, outlined the importance of e-commerce to the economy, noting for instance, that it makes life easier for people by giving them alternatives and choice of the durability of the products they are buying.

He said it also ensures seamless transaction between customers and the service companies. Represented by Mr. Abu Eto however, encouraged the e-commerce companies to ensure adequate security, sustainability and connectivity.

Earlier, Chairman, LCCI, ICT Group, Mr. Zakari Usman, called for a policy drive towards cashless economy that will benefit everybody. He canvassed a position that will holistically resolve issues and challenges associated with cashless economy by making the products user-friendly.

He hinted that cashless economy has reduced robberies at homes and banks as people no longer carry cash, but do their transactions on phones and other devices.

He said the industries and the economy can only grow with cutting edge technologies where people can sit at the comfort of their homes and offices to transact their businesses.

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