In a bid to tame the increasing rate of online fraud, which had caused banks and their customers to lose several millions of naira on a monthly basis, the Electronic Payment Providers Association of Nigeria (EPPAN), in partnership with industry stakeholders, has concluded arrangements to train the Nigerian Police on how to use modern online tools to track and prosecute online fraudsters.
The EPPAN noted that the cyber actors are not relenting in their efforts to use sophisticated tactics to separate people from their hard earned money. It recalled that the Nigeria Interbank Settlement Scheme (NIBSS) in a recent release, said that N376million was lost to fraud in the first quarter of 2017. “The impact of fraud is a major hindrance to the growth of electronic payment in the country and the world at large, and this must be addressed”, the EPPAN said.
According to the EPPAN, a proper understanding of the various types of frauds by security agents will prevent loss of time which affects the outcome of investigation, prosecution and adjudication, hence it is collaborating with NIBSS, Packway Projects, Committee of Chief Compliance Officers of Bankers in Nigeria (CCCOBIN) and Nigeria Electronic Fraud Forum (Neff), to facilitate a training to improve the knowledge of the Nigerian Police force.
Chief Executive Officer of EPPAN Mrs. Regha Onajite explained that the two day training, which would be held 29th and 30th of August 2017, at the Police Special Fraud Unit, Ikoyi, Lagos, would cover the dynamism of electronic payment processes and fraud including an overview of payment process; common trends in payment fraud; point of compromise/vulnerabilities of payment system.
Other areas are basic indicators to look out for in investigating e-fraud, available laws and policies of electronic payment in Nigeria and Synergy among stakeholders.
The knowledge gained at the training will go a long way in assisting the force with investigations of electronic fraud in Nigeria Onajite said, adding that cybercrime techniques are evolving everyday as fast as new technologies are being implemented.
EPPAN hopes to expose the police to the new payment technologies and vulnerabilities which are inherent. This training session will go a long way to helping the police understand the various types of payment crime and what to look out for when investigating and tackling electronic fraud in Nigeria, she said.
Another fallout of the training, will be an improved collaborative relationship between industry stakeholders and the Nigeria Police in investigating and tackling electronic fraud in Nigeria, Onajite added.