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CBN Enhances Security Policy to Prevent eFraud

CBN Enhances Security Policy to Prevent eFraud

Central Bank of Nigeria (CBN), has unveiled new security policies to protect bank customers and the business community against electronic fraud.

Dr. Sarah Alade, acting governor of the apex bank said that the new strategy will fortify the nation’s financial policies.

Dr. Alade unveiled the new security policy at the sensitization exercise of stakeholders on cash-less policy held Wednesday in Yenagoa, Bayelsa state.

Represented by Mr. Basil Udou-Tun, Bayelsa Branch Controller of the CBN, Alade,  said the new security policy would witness the inauguration of the Nigeria’s Electronic Fraud Forum as well as the passage of two bills by the National Assembly for a legal framework and the unification of efforts among banks in the area of information sharing.

The CBN acting governor said the cash-less policy has recorded a huge acceptance in states of operation and will be introduced to the remaining 30 states including Bayelsa this year.

“While the CBN is playing a leading role in the development and implementation of this policy, the cooperation among the respective stakeholders is extremely important if we are to ensure the improved efficiency of Nigeria’s payment system to contribute to the country’s economic and social development through increased financial resources,” she said.

In his presentation at the event, the representative of the Head of Shared Services Office, CBN headquarters, Mr. Ene Eleonu said the revised policy of the CBN on cash-less policy will focus more on the use of mobile payment through the use of mobile phones.

Eleonu assured customers in Yenagoa that the security measures put in place by the CBN will ensure minimal fraud with the withdrawal of the swipe card system to chips implanted in the Automated Cards.

“The card related crimes will come to zero,” he said.

On the issuance of dud cheques, Ene Eleonu said the CBN has intensify calls on the Nigerian police and the Economic and Financial Crime Commission (EFCC) to arrest and prosecute issuers of dud cheques as the required legal framework for indictment has been put in place.

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