E-Financial
E-PPAN, Others Say Judiciary Strategic In Combating Financial Frauds
Stakeholders in the Nigerian financial sector have urged the judiciary not to relent on the fight against financial and other related frauds in a bid to safeguard the economy.
Rising from the 5th e-fraud conference organized by the Electronic Payment Association of Nigeria (E-PPAN) in Lagos, the stakeholders issued a communiqué identifying the judiciary as strategic partners to stem fraud.
The communiqué signed by Mrs Onajite Regha, chief executive officer of E-PPAN read: The criminal justice process in Nigeria in relation to electronic frauds is evolving with relevant laws still being enacted and law enforcement agencies and judicial system still in the process of understanding the technicalities of the issues.
“The entire process is made up of Laws, Institutions and Processes. Participants welcomed the formation of a collaborative strategy between the judiciary, the law enforcement agencies and the financial industry. They offered the industry their full support to strengthen justice and to implement policies and procedures that ensure that all components of the process are effective. All of these measures are necessary in order to successfully combat electronic payment crimes which threaten the entire payment framework”.
The conference participants averred that electronic payment fraud is a threat not only to individuals and corporate organisations but to the entire nation. Its cost implication can be measured through its economic and social impacts.
“It affects job opportunities and reduces standard of living. It diminishes national image, affects consumers’ confidence, ruin big brands and erodes international confidence in the authenticity of our payments systems. They condemned the acts of fraudsters who gladly exploit the anonymity, global reach, speed and cost effectiveness of the electronic payment system to pursue criminal endeavours,” the Communique read.
According to the statistics provided by NIBBS, in the first 9 months of 2014, the industry had lost over Four Billion, Eight Hundred and Ten Million, Two Hundred and Sixty Two Thousand, Two Hundred and Sixty Six Naira, (N4, 810,262,266). Participants agreed to cooperate and do everything to ensure that offenders are brought to justice.
All participants accentuated the urgent need to enhance awareness creation at different levels of the criminal justice chain, which includes staff of financial institutions, the law enforcement agencies and the judiciary.
They decried the situation where the prosecutors and the judiciary are not invited to be part of knowledge event.
To that effect, the industry committed to supporting the judiciary and law enforcement agents with awareness and trainings on trends and techniques of electronic crime.
“The participants recognized the role of the judiciary as strategic partners to stem fraud. The Chief Judge of Lagos State reaffirmed the commitment of the judiciary to the fight against electronic payment crime. She advised investigators and prosecutors to pay great attention to details and be meticulous to ensure investigations stand the scrutiny of the courts since the courts decisions are based on evidence.
“The participants agreed that the role of the judiciary remains unchanged as the resolver of disputes, interpreter of the law and defender of the Constitution. What must change however, are the tools and resources to tackle crimes.
“Participants proposed a practice direction from the judiciary to accept opening statements in cases of electronic fraud to assist the court in understanding the gravity of offences before the court. The advantage of an opening statement is that both attorneys at the earliest opportunity are able to give a brief summary of their case and highlights the evidence they intend to lead in support or defence of the allegation.
“A well planned opening statement serves as a road map of the trial. Participants welcomed the prospect of working on an action plan to improve the knowledge of the judiciary as it relates to types, modus operandi and consequence of electronic fraud.
“The status of the current laws in Nigeria shows that the delay in the cyber crime law has its negative effect in the criminal justice process. There is need for accelerated passage of comprehensive laws on payment system e.g. the Payment System Management Bill and other relevant laws that can support the structure of the payment systems”.
The passage of the Evidence Act of 2011 has improved the opportunities for prosecution of criminals.
However, the deficiency of expertise in digital forensics within the banking sector impairs adequate evidence to prosecute fraudsters that are apprehended and charged to court.
Participants therefore called for an industry wide forensics laboratory and capacity building of experts in digital forensics.
Reiterating their support for E-PPAN, the Economic and Financial Crime Commission (EFCC) requested further cooperation of the financial institutions, ISPs, and telecommunication companies for crime investigators and prosecutors.
They lamented the current information sharing process within the industry.
The participants agreed that all parties involved in the e-Payment ecosystem should carryout due diligence and detailed background checks on employees before employment.
The Electronic Payment Providers Association of Nigeria (E-PPAN) hosted the 5th Annual Payment Systems and Fraud Conference on the 4th of November, 2014 with the theme: “Unbundling the Criminal Justice Process in a Digital Economy”.
Delegations came from thirty four companies to strategize on collaborative opportunities on achieving a smooth and speedy prosecution of financial crimes.
The communiqué acknowledges the push on the critical need for education and awareness within the criminal justice process and the crucial role of collaboration amongst stakeholders in ensuring the success of crime reduction within the cyber space.
The conference participants (Abbey Mortgage Bank, Altech West Africa, Central Bank of Nigeria, Computer Warehouse Group, Economic and Financial Crime Commission, Digital Encode, Eartholeum Networks, E-Payment Providers Association of Nigeria, Enterprise Bank Plc, First City Monument Bank, ITEX Integrated Services, Lagos State Judiciary and Mainstreet Bank Plc.
Others are Money4 Nigeria Services Ltd, Nigeria Inter Bank Settlement Systems, P O. Jimoh- Lasisi and Associates, Socketworks Ltd, Standard Chartered Bank, United Bank for Africa, Unified Payments Services, and VoguePay ) expressed their commitment to the development of a formidable electronic crime justice process.
PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.
Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.
The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.
Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.
His words, “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time”.
In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasized the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.
“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.
The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.
“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.
The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
US Secret Service has quietly seized nearly $400 million in digital assets over the past decade, amassing one of the world’s largest crypto cold wallets, Bloomberg reported at the weekend, citing people familiar with the matter.
The agency’s Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, an investigative analyst with the US Secret Service, reportedly told law enforcement officials in Bermuda last month.
The agency’s crypto trove, much of which sits in a single cold-storage wallet, results from a string of investigations into scams. Scammers lure targets into seemingly legitimate crypto investment platforms in one typical scheme.
Victims often see initial profits before the sites vanish with their deposits.
“That’s how they do it,” Lam said. “They’ll send you a photo of a really good-looking guy or girl. But it’s probably some old guy in Russia.”
Lam’s team uses domain records, blockchain transactions, and VPN slip-ups to identify fraudsters. In one case, a cryptocurrency payment led investigators to another wallet. In another one, a brief VPN failure exposed an IP address, helping agents piece together the scam’s digital trail.
At the helm of the Secret Service’s crypto strategy is Kali Smith, who directs a team that has trained officials in over 60 countries to unmask online financial crimes.
The agency has focused on jurisdictions with weak oversight or programs selling residency to foreign nationals. “Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,’” Smith said.
The Secret Service’s work has uncovered scams ranging from romance-investment schemes to sextortion cases. One investigation involved an Idaho teenager who sent a nude photo to an online stranger. The scammer extorted $300 twice before the teen went to the police.
Analysts traced the payments through another coerced teenager acting as a money mule, leading to an account tied to nearly $4.1 million in transactions under a Nigerian passport.
British police arrested the suspected extortionist when he arrived in Guildford, England, where he remains in custody pending extradition.
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