The Nigeria Electronic Fraud Forum (NeFF) is seeking a broader collaboration among stakeholders to combat electronic fraud. To share information and enlighten the public on the rising threat, the forum also unveiled a portal at its Quarter Three 2023 General Meeting held in Lagos on Friday.

Director, Payment Systems Management of the Central Bank of Nigeria (CBN), Musa Jimoh, called for a broadbase partnership. Jimoh, who is also the Chairman of NeFF, said criminals in the cyber space have increased and trigger a major crisis for individuals and organisations if not addressed.

He said: “Today, we are here to look at the new strategies by which we can combat fraud; If we don’t combat the cyber criminals; they will weigh us down and breed the entire system.

“So, we all need to work together to see how we can make life extremely difficult for cybercriminals. You know like the popular saying today; they say you should let the poor breathe, but we shouldn’t let these criminals breathe.

“We should suffocate them to death because our hard-earned money is what these guys are forcibly taking away from us,” he said. The Chief Executive Officer, Ignis Solutions Ltd., Simon Martin, urged stakeholders to pay more attention to building capacity to be able to combat e-Fraud.

She said: “I think it’s important that we build our capacity; I think it’s important that we pay attention to possible emerging threats that could hamper our developments in digital payments and moving toward a cashless society.

“I think education is important, not only for our systems and for people, but for individual self and it’s one of the reasons why I identify myself as an unconventional regulator.

“It is important that we apply design thinking in our lives as we go forward. Things are evolving, and so too, we must evolve as well.”

Managing Director, the Nigeria Inter-Bank Settlement Systems (NIBSS), Premier Oiwoh, urged stakeholders to pay more attention to mobile channels, saying it was the most significant point used for defrauding.

Oiwoh, who was represented by Temidayo Adekanye, spoke on the topic, ‘The Current and Emerging e-fraud Landscape in Nigeria: Data Analytic’.

Oiwoh said: “So, I will advise that everyone focuses on mobile channels as the most significant point used for these fraudulent actions.

“But what we see most importantly is the fact that the primary channels are the betting platforms.

“So, once the money leaves the betting platform; Wallet account, or in some cases PoS agents; once it is cashed out, it is a black hole. There is no way you can recover that money.

The forum catalyses stimulating dialogue, enhancing collaboration, and fostering partnerships that will result in practical solutions to combat e-fraud.