E-fraud vol­ume in­creases by 683% - Re­port

Daily Trust - - BUSINESS - By Hamisu Muham­mad

The to­tal elec­tronic fraud vol­ume recorded in 2015 in­creased sig­nif­i­cantly, by 683%, com­pared to 2014, an an­nual re­port by the Nige­rian e-Fraud Fo­rum (NeFF) has shown.

How­ever, the re­port said the e-fraud rate in terms of value re­duced within the pe­riod by 63% in 2015, due to the in­tro­duc­tion of the BVN and im­proved col­lab­o­ra­tion among banks via the fraud desks.

The re­port, un­veiled yes­ter­day by the Cen­tral Bank of Nige­ria, said in spite of the chal­leng­ing econ­omy, the use of e-chan­nel plat­forms -In­ter­net bank­ing, Mo­bile bank­ing, ATM, POS, Web, etc, has con­tin­ued to ex­pe­ri­ence sig­nif­i­cant growth.

Ac­cord­ing to the fraud re­port, trans­ac­tion vol­ume and value grew by 43.36% and 11.57% re­spec­tively com­pared to 2014.

“Fraud value may have re­duced in 2015, but the sig­nif­i­cant in­crease in vol­ume of at­tacks de­picts the enor­mous threat of e-fraud.

“Fur­ther­more, in­for­ma­tion re­leased by se­cu­rity firm, Kasper­sky, shows that in 2015, there were over a mil­lion at­tempted mal­ware in­fec­tions that aimed to steal money via online ac­cess to bank ac­counts,” Osita Nwanu, Head, Sys­tems Con­trol & Busi­ness Con­ti­nu­ity Man­age­ment, First City Mon­u­ment Bank Lim­ited and mem­ber of the Com­mit­tee said.

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