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E-payment stakeholders see cybercrime as key challenge to digitalisation

E-Payment Providers Association of Nigeria (E-PPAN), has said one major risk linked to digitalisation is cybercrime.
Accordingly, the group called for strategic collaboration among all stakeholders to combat the challenge by way of strengthening systems monitoring especially monetary platforms to tame the surge.
Ahead of setting by the needed industry collaboration, E-PPAN averred that it has been providing innovation to help build members’ capacity to guide against this challenge and risks associated with digitalisation.
This formed part of the address delivered at the 9th Annual Payments and Fraud Conference, held in Lagos, by the Chairman, Financial Reporting Council of Nigeria (FRCN), Mr. Adedotun Sulaiman.
He said “Growth comes with opportunities as well as risks and one major risk linked to digitalisation is cybercrime. We continually provide an innovative platform to enhance our members’ capabilities, so as to keep pace with the fast-changing threat landscape. However, as we have found out each year, there is so much to be done”.
Continuing, Sulaiman argued that “If you take into account, the innovations and new technologies being introduced into the financial system and the speed of consumption, you will agree with me that security is paramount.
While stressing that digital service consumers love the speed and convenience, he added that “Criminals like it better. These hackers are like chameleons that easily blend into their environment and then slip in through organizations’ defences without notice, until they gain access to vital information in other to commit fraud”.
Emphasizing the dangers of digital attacks and breaches, FRCN boss recalled that figures from the NIBSS Second quarter report revealed that the payment industry has lost over 490 million naira out of the attempted value of 2.3 billion naira. This shows that 21% of the attempted fraud was achieved.
Sulaiman stated further that, with this there is an indication that we need to do more by tightening the security lapses of our national payment system. Electronic fraud happens at a rapid pace. Those charged to fight against fraud, must be fully armed to move as quickly as these hackers do.
“Given the current circumstances, it is gratifying to see that the agenda of the conference covers current topics such as fintech risks, securing financial Inclusion access points, payment fraud investigations, fraud trends and forecast. Simply put- we shall discuss smarter approach to keep fraudsters out and fraudulent transactions down,” Sulaiman added.
Highlights of the conference include different session to combat some of these challenges to digitalisation. Among them include tackling the Challenges of Innovations in Payments; It implies the use of technology to make financial systems and the delivery of financial services more efficient.
The session was chaired by President, Fintech Association of Nigeria and Chairman Global Banking Education Standards Board, Dr Segun Aina.
Other sessions are: Financial Inclusion Mandate: What the Industry needs to do in Securing Access Points, also chaired by Post Master General/CEO Nigeria Postal Services, Barrister Adebisi Adegbuyi. The third session, Law Enforcement Agency Session was chaired by, Chief Conduct and Compliance Officer, Access Bank Plc Pattison Boleigha.