Expert harps on Financial Fraud Reduction, Elimination

ICT Security expert and government policy affairs advocate, Chukwuemeka Ujam, has harped on the importance of cybersecurity, particularly in areas of Fintech and other businesses.

Ujam was speaking in a Panel discussion at the Vanguard/Economic Forum Series’ Fintech: Cybersecurity and Fraud Summit in Lagos recently.

He said human beings remain the weakest link in every chain and for every single fraud that happens, there’s a high percentage of social engineering.

“Somebody has gained access to something that you know about, and is trying to convince you that he or she is genuine. I don’t believe that we should be blamed. If someone’s phone is taken and money withdrawn within minutes, it’s not that person’s fault that the theft occurred. Now, many institutions just want to hit back and lay blame on the customer and that’s not fair,” he noted.

He applauded the youth for driving technology but said it comes with attendant consequences.

“Fintechs are usually startups and don’t have the kind of money and infrastructure to match well-established financial institutions. Who regulates the Fintech industry? The Central Bank of Nigeria? NITDA? Everyone is coming up with their policies, no synergy whatsoever.

“They see technology is thriving and instead of helping, they find a way of taxing everyone and making sure they don’t succeed. I think we’re getting it wrong with this approach; we should develop places where people can come and test their technology or anti-fraud project,” he said.

Lamenting about the rising cost of security, he said without collaboration, duplication of ideas would abound.

CEO, Billsbox, Dr Monday Ashibogwu, who moderated the panel pointed out that the main challenge with Fintech startup is the resources to hire multiple hands.