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Nigeria records 37.14% drop in online fraud

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Nigeria recorded 37.14 per cent decrease in the amount lost to online fraud in the fourth quarter of 2016.

The Chief Executive Officer, Electronic Payment Provider Association of Nigeria, Mrs Regha Onajite, said on Tuesday in Lagos that the success was made possible as a result of more collaboration between relevant stakeholders in the industry.

Making reference to the data released by the Nigeria Inter-Bank Settlement System, she said that before now, the fraud values recorded in the deposit money banks were higher in the last quarter of 2016.

She said, “When you compare the last quarter of 2015 and 2016 figures, you will see that there was a 37.14 per cent decrease in the amount lost to online fraud.

“Though, the actual loss is huge and a long way from what we want but it is an improvement.”

She said that success was possible because of more collaboration between relevant stakeholders in the industry.

The CEO added that the organisation was putting serious efforts in curbing electronic payment fraud and the effort was yielding positive result.

She said, “There is no e-payment system that can offer 100 per cent security.”

She said that the first quarter attempted fraud value remained the same as in the second quarter of 2015 and second quarter of 2016.

She said that at the third quarter of 2015 and third quarter of d 2016, the attempted fraud amounted to N1.03bn and only N417.1m was actually lost to these fraudsters.

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