Obafemi Banigbe, the Chief Executive Officer, 9mobile telecommunications company, on Monday called for collaboration between telcos, financial institutions and regulators in combating digital payment fraud.
Banigbe spoke at the Alliance for Innovative Regulation virtual conference, stressing the need for a community-driven approach.
He noted that the collaboration would help tackle the growing threat of identity theft and digital payment fraud.
He said: “The fight against digital payment fraud requires a united effort from all stakeholders.
“As telcos, we play a critical role in protecting financial transactions and must work together with financial institutions and regulators to stay ahead of fraudsters.”
Banigbe, who was a panelist at the conference, outlined how telcos play a pivotal role in protecting financial transactions.
He further highlighted the proactive measures 9mobile and other telcos were taking to fortify financial systems, focusing on several key areas.
He added: “Fraud is fundamentally a human challenge, not just a technological one.
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“Identity theft remains central to electronic money transfer fraud and requires a community-driven, human-centred approach.
“It necessitates the integration of Know Your Customer systems, which leverage collaborations with national ID databases, banking records, and mobile number registries to enhance customer verification.
“It also emphasises the importance of robust security tools, including SIM registration, Biometric authentication (fingerprint and facial recognition), and One-Time Password (OTP)-based authentication.
“These measures collectively strengthen verification processes, ensuring a more secure financial ecosystem.”
The 9mobile boss explained the role of robust compliance frameworks and transaction monitoring tools, and addressed accessibility challenges for vulnerable populations, including people with disabilities.
He also stressed the importance of regulating access within organisations to prevent internal collusion with external fraudsters.
Banigbe reiterated the importance of partnerships between financial institutions and payment platforms, adding that there was also the need to address delays in fraud tracking.
He said: “These collaborations enable the secure sharing of intelligence, ensuring compliance with data protection laws.
“This, in turn, facilitates the detection of suspicious activities while maintaining privacy.
“To achieve this, I’m advocating for the deployment of real-time blacklisting mechanisms.
“This will enable swift action on reported incidents, preventing fraudsters from exploiting time gaps.”
Banigbe noted the need for proper access control within organisations to combat possible internal staff collusion with external fraudsters to make security systems more vulnerable.
“Regulating access will help prevent fraudulent activities within organisations,” he said, pointing out the need for stronger internal controls to safeguard sensitive processes.
He spotlighted the crucial role of telcos in creating a secure and inclusive digital financial ecosystem.
Collaboration, Banigbe stressed, is essential to achieving lasting results in the fight against fraud.
“It is an ecosystem, and there should be a joint effort to enlighten the public on digital payment fraud and advocate for victims of fraud,” he said.
He called for unified action among telcos, financial institutions, and regulators.
The News Agency of Nigeria reports that the AIR conference brought together industry experts to discuss growing concerns about digital payment fraud in West Africa.
With over 100 participants in attendance, the conference demonstrated a collective commitment to addressing the threat of digital payment fraud through technology, public awareness, and collaboration.
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