CIBN Moves To Confront Digital Fraud In Banking Sector 

Yemisi Izuora

Stakeholders in the financial sector have come together to address challenges posed by electronic banking market ( digital banking).

The vulnerability of the system has caused monumental fraud estimated at $31 Billion as at 2018.

The development has put industry stakeholders, including financial experts in the country on their toes, as they rethink on how to retool the system to minimize these challenges and optimize benefits operators, end users and maximum economic development.

To achieve this in the country, bankers under the auspices of Chartered  Institute of Nigeria, CIBN, Lagos branch is poised to spearhead the crusade through a robust intellectual discourse at this years gathering to rub minds on the way forward and sensitize the public on emerging trends and benefits of digital banking.

Tagged “Rethinking Banking Models in the Digital Age for Economic Development of Nigeria”, Peter Ashade, Chairman CIBN Lagos branch told journalists that the topic was an instructive one for the general banking public, banking practictioners and regulators alike as digital banking has become strategic in the heart of the economy, particularly now the country is seeking greater financial inclusion and more efficient banking services.

“Digital banking service is one of the most significant developments in the banking industry in its long history. Two of the most important features are speed and convenience. Bank customers can access their accounts, view their statements, make transfers, pay bills and more, all from the comfort of their homes, offices or on the go”, Ashade reiterated.

On the other hand however, the Lagos CIBN boss lamented that this robust service has come with it a number of major concerns and challenges, particularly the perpetration of fraud which he said was valued in excess of $31Billion as at 2018.

“Traditional banking habits, security, technical issues and transaction difficulties, all pose major challenges facing the banking industry in the country today”, He stated, adding that despite these challenges, the demand for electronic banking services continues to be very strong.

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