Players in the Nigerian financial sector have been urged to strategize on reducing fraudulent activities in online transactions.
The co-Founder and Chief Technology Officer of VoguePay, Mr. Leke Ojikutu made the call in Lagos at an interactive session with journalists.
He said online fraud has the tendency to affect everyone who makes or accepts payments online; partly because it’s easier to steal anonymously and tracking down someone over the internet and prosecuting them was difficult and almost impossible.
He said one of the key steps to eliminating online frauds is to be able to recognize it before card transactions.
Ojikutu stressed the need for collaboration between payment processors, card issuers and security agencies in terms of reporting and investigating incidents and apprehending perpetrators.
This he said is why VoguePay has evolved with several anti-fraud protocols and intelligent approaches to eliminate possibility of fraud and/or stop it before it succeeds.
Ojikutu who is a renowned software architect said before he launched VoguePay in 2012, he had developed software for Federal and State government parastatals/agencies including deployment of the first Tax database of the Lagos State Internal Revenue Commission.
He said the Nigeria Deposit Insurance Corporation (NDIC) and DataGroupIT statistics show that over N25.61 billion was lost to fraud in 2014 while DataGroupIT’s recent white paper indicated a more severe impact of N78b/$391m lost to online fraud in Nigeria each year.
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