The top echelons of electronic business industry practitioners in Nigerian banks have brainstormed on how to overcome fraud and cyber security threats in the financial sector.
This was disclosed at a first-of-its-kind Fraud and Cyber Security Forum in Lagos, hosted by Mastercard in partnership with the Committee of E-Banking Industry Heads for Nigeria (CeBIH).
The Nigeria Inter-Bank Settlement System (NIBSS) found that 91% of fraudulent attacks were successful in 2020-2021 and the anti-corruption agencies of Nigeria found that almost $18 billion is lost annually to illicit financial crimes.
The risks associated with digital payments and services remain on an upward trajectory and organisations are increasingly exposed to security threats that are pervasive, sophisticated and intelligent.
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“We are excited to host this ground-breaking Fraud and Cyber Security Forum in Nigeria,” said Ebehijie Momoh, Country Manager & Area Business Head, West Africa at MasterCard. “Cyber risk is one of the top risks faced by organisations today. With the increased adoption of digital services, new payment flows, and connected supply chains, it’s important that this risk is well understood and managed by organisations to protect themselves and their customers.”
The Chairman, Committee of e-Business Industry Heads (CeBIH), Celestina Appeal called for collaboration among the payment ecosystem stakeholders for an effective fight against cyber-attacks.
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