• Mon. Jul 15th, 2024

FIDELITY BANK: Mrs. Nneka Onyeali-Ikpe Proposes Solutions To Address E-Fraud Concerns

ByHybridNewsNg

Aug 22, 2023

The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, has urged the Nigeria Electronic Fraud Forum (NeFF) to devise solutions for the issues presented by electronic fraud within the financial system.

As reported by Vanguard Newspaper, she delivered this message during a gathering in Lagos, addressing NeFF’s 3rd quarter general meeting. Nneka Onyeali-Ikpe emphasized that electronic fraud involves online activities aimed at exploiting individuals and businesses for financial gain.

During her speech, she provided examples of electronic fraud, including Phishing, Advanced Fee Fraud (419), Online Auction Fraud, Identity Theft, Tech Support Scams, Online Romance Scams, Investment Scams, Business Email Compromises, Ransomware, Online Rental Schemes, Pyramid Schemes, and Click Fraud.

Drawing attention to the escalating prevalence of electronic fraud in the nation and the resultant challenges, the leader of Fidelity Bank underscored, “NIBSS’s data reveals a staggering 298% Year-on-Year increase in the value of electronic payment transactions in Nigeria, rising from N34.04 trillion in Q1 2022 to N135.52 trillion in Q1 2023.”

“As technology continues to advance at an unprecedented pace, our reliance on digital transactions has grown exponentially. However, with this rise in digital interactions, the threat of e-fraud has become a significant challenge affecting individuals, businesses, and industries alike.

“The banking industry lost a total of N14.3 billion to electronic fraud in 2022, up from the N12.7b reported in 2021. As at Q1 2023, the total fraud loss was N5b according to the NIBSS Annual Fraud Landscape reports.

“The Mobile channel is the most exploited channel by fraudsters in 2021 and 2022 with 42,821 and 45,090 reported fraud records respectively. Total fraud count in 2021 was 123,918 and 101,668 in 2022.

“E-fraud has permeated multiple industries, spanning from banking and finance to e-commerce and beyond. These cybercriminals leverage advanced methods to exploit vulnerabilities, gaining unauthorised access to crucial data and funds. The repercussions of e-fraud are not limited to financial losses; they also extend to eroding trust and eroding brand reputation.

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