Nigeria records online fraud decrease in Q4 of 2016-Association

Regha Onajite, the Chief Executive Officer, Electronic Payment Provider Association of Nigeria, said Nigeria recorded 37.14 per cent decrease in the amount lost to online fraud in the fourth quarter of 2016.
Onajite told the News Agency of Nigeria on Tuesday in Lagos that the success was made possible as a result of more collaboration between relevant stakeholders in the industry.
Making reference to the data released by the Nigeria Inter-Bank Settlement System, she said that before now, the fraud values recorded in the deposit money banks were higher in the last quarter of 2016.
Onajite said: “When you compare the last quarter of 2015 and 2016 figures, you will see that there was a 37.14 per cent decrease in the amount lost to online fraud.
“Though, the actual loss is huge and a long way from what we want but it is an improvement.”
She said that success was possible because of more collaboration between relevant stakeholders in the industry.
The CEO added that the organisation was putting serious efforts in curbing electronic payment fraud and the effort was yielding positive result.
Onajite said: “There is no e-payment system that can offer 100 per cent security.’’
She said that the first quarter attempted fraud value remained the same as in the second quarter of 2015 and second quarter of 2016.
She said that at the third quarter of 2015 and third quarter of d 2016, the attempted fraud amounted to N1.03 billion and only N417.1 million was actually lost to these fraudsters.
She said as a result of that, the regulating organisation saved 56.42 per cent in the online consumers’ money in the third quarter of 2016, which showed that the country was faring well in mitigating against online fraud.
Onajite said: “If you look at the data presented by NIBSS for the third quarter in the year 2016, you will see that for the first time since 2014, there is a shift in fraud pattern.
“Fraud issue is a serious business for some negative people.
“E-PPAN will put more effort and work tirelessly to break through the system.”
NAN reports that E-PPAN is an organisation that regulates the electronic payment activities which is a relatively new phenomenon in Nigeria.
Most transactions are done through electronic means since the country has embarked on cashless policy.
NAN.