CBN engages EFCC on e-payment fraud •As US gives grant to CBN for shared services project
Written by kamoru sakiru
To effectively check fraud in the electronic payment (e-payment) channels, the Central Bank of Nigeria (CBN) and relevant stakeholders have co-opted the Economic and Financial Crimes Commission (EFCC) into the Nigeria Electronic Fraud Forum (NEFF).
According to CBN’s Head of Shared Services, Mr Chidi Umeano, the decision to involve EFCC in NEFF is to ensure the success of the cashless policy implementation.
Umeano explained that the creation of the electronic fraud forum was to formulate cohesive and effective fraud risk management practices, noting that through the forum, all stakeholders are to collaborate and adopt proactive measures to tackle fraud risks consistently.
He disclosed that since it began operations, it had designed and circulated a fraud reporting template to all deposit money banks, adding that it had organised workshop with stakeholders where they made avowed commitment to abide with measures to prevent fraud in the payment system.
“We have also engaged a technical assistant who has varied experience in penetration testing and is also a certified ethical ‘hacker’ to help analyse fraud reports,” he said.
Umeano further disclosed that the United States Trade and Development Agency (USTDA) has provided a grant to CBN for the shared services project, stating that the grant would be used to finance a qualified US firm to provide expert consulting services in determining the technical requirements, business and operational models for a shared disaster recovery centre.
He noted that the office had received a letter of no objection from USTDA, adding that the vendor had been evaluated and selected while the legal department was drafting contract agreement.
He further said the office was also developing modalities and work plan for the implementation of shared tier-three disaster recovery centre infrastructure and services, shared power infrastructure as a service to the bank and Nigeria Financial Services Network (NFSN).
“The office is also setting up an IT standards board and requisite governance framework to oversee the administration of IT standards in the industry and drive its adoption across the players in the industry,” he stated.
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