NIBSS, NIMC to Tackle e-Payment Fraud

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

Ade Osinubi, managing director, NIBSS who stated this when the management of the Nigerian Computer Society (NCS) his company, said 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.

He said 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 hinder 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.

Demola Aladekomo, NCS president said NIBBS has helped to implement the cheque truncation policy, among other measures put in place to enhance the quality of e-payment transactions, adding that more needed to be done to 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 said NIMC would develop a central national database, multi-factor authentication system and enrolment and card issuing services to identify all Nigerians and plug the loopholes through which fraud could perpetrated.

Others, he said, are development of identification and verification processes in Nigeria to foster the growth of the country.

He said 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).