Nigeria Cuts Losses To eFraud By 63%

eFraud

Nigeria has reduced financial losses to electronic fraud, eFraud by 63%. This is contained in the Nigeria electronic Fraud Forum, NeFF, 2015 report.

The report also said attempted eFraud was reduced by 43% between 2014 and 2015 respectively. The report said measures put in place to fight fraudsters is yielding results.

The NeFF consists of all relevant stakeholders to actively and proactively react to this challenge to safeguard integrity of the e-payment channels. The forum is spearheaded by Central Bank of Nigeria in association with e-pay channels and other financial institutions.

The adoption of the e-payment channels as a preferred channel of payment increases the incidence of electronic fraud.

Nigeria is becoming a hotbed of eFraud with cyber criminals using phishing, hacking and other tactics to commit various frauds. NeFF did not however, state in financial terms what the 63% reduction in loss amounts to.

 

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