Bankers’ Committee tackles cyber risks as fraud statistics hit N18.94b

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There are moves by the Bankers’ Committee, led by the Central Bank of Nigeria (CBN) to reduce the amount involved in fraud, which stood at N18.94 billion in six months.

Speaking at the weekend at the 2019 Bankers’ Committee retreat in Ogere, Ogun State, CBN Governor Godwin Emefiele urged banks to invest in technology to tackle fraud and reduce revenue losses to fraudsters.

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According to the CBN, reported cases of fraud and forgeries by banks increased to 25,029 at end of December 2018, from 20,774 at the end of June 2018.  But the total amount involved decreased to N18.94 billion at the end of December 2018, from N19.77 billion at the end of June 2018.

Emefiele said: “I am saying the banks have so far been able to have a firm grasp of the risk associated with their business, whether it is credit risk or operational risks, just to be very direct. Cyber risk is growing in different parts of the world and banks, CBN, government and everybody need to do something about it. Banks were advised to do more in their management and control of cyber risks.”

The CBN governor advised banks to invest more money in tools, such as soft or hardware, to help them in containing cyber risks in their operational environment.

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