June 24, 2021


AfricaTopForum – News Around Africa

CBN: Cashless banking attracts e-payment risks

2 min read

 Collins Nweze


THE Central Bank of Nigeria (CBN) has said the implementation of the cashless policy had increased the risks associated with e-payments.

Speaking at the First Bank of Nigeria Information Security webinar in Lagos, CBN Director, Banking Supervision Department, Hassan Bello, said there was need to enlighten the public on essential ways to protect their information against unauthorised access, disruptions, monitoring and alteration.

Bello said the cashless policy issued to drive the development and modernisation of the payment system, reduce the cost of banking services and promote financial inclusion amongst others had increased the risks associated with electronic banking.

Speaking on the theme: “The role of CBN in Cybersecurity and cyber fraud prevention in deposit money banks”, he urged customers to monitor their accounts regularly and report unusual activities and balance to their banks.

Bello called for an enhanced security measures on all electronic delivery channels to minimise the loss of customers’ funds.

Bello described cybersecurity as the practice of protecting systems, networks, and programmes from digital attacks.

He said that cyberattacks were usually aimed at accessing, changing or destroying sensitive information; extorting money from users or interrupting normal business processes.

Bello represented by Adetona Adedeji, said that the impact of fraud on customers include loss of confidence in the financial system; monetary loss and negative perception of bank’s security system.

Also speaking, Head Information Security Operations at FirstBank, Harrison Nnaji, called on customers not to share sensitive and personal data with third party.

Nnaji said that customers needed to be smart to avoid falling prey by avoiding sharing sensitive document in the public.

He said that customers should be mindful of what they shared on social media such as Instagram, Facebook and LinkedIn, among others.

Nnaji said that no bank would request for personal information for a transaction to be completed.

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Head IT Control and Enhancement at FirstBank, Obinna Mbagwu said that cybersecurity awareness for customers should be done regularly to boost enlightenment.

Mbagwu said that customers should avoid unsolicited SMS, emails and phone calls.

Managing Director, Digital Encode Ltd., Obadare Adewale, said that customers must have cybersecurity intelligence quotient to avoid cyber fraud.

Adewale said that any transaction, anything or call that causes fear, uncertainty and doubt must be avoided by customers.

According to him, customers should not entertain anything that is asking for full disclosure.

He said that some of the methods used to get customers information to perpetrate fraud include phishing, vishing, smashing, pharming, spoofing and social engineering.

“Implementing effective cybersecurity measures is particularly challenging today because there are several devices out there and attackers are becoming more innovative,” Bello said.