Stakeholders at the 7th Annual Payment systems and fraud conference have advocated for a paradigm shift in the approach to checking the rise in incidence of electronic fraud in organisations in the country
They pointed out that it was due to weak internal controls in organisations that frauds are being carried out and urged them to embark on putting in place standard information security policies to enable effective risk management.
Dele Adeyinka , Chief Digital Officer WEMA bank and Chairman of Committee of e-banking industry heads (ceBIH) stated that the adoption and growth of electronic products and services have increased geometrically in the last decade, while electronic fraud recorded 57 percent.
He noted that there was more fraud at the 3th and 4th quarter of the year, adding that greed contributed to 67 percent of fraud recorded in 2015.
Opeyemi Adojutelegun, Chairman, of Compliance Officers of Banks in Nigeria averred that organization needs to have documented processes on ways of doing things and not verbally on the start and end of transactions.
According to him, the organization needs to have a maker-checker segregation of duty, while information should be shared on the need to know basis.
“People must be empowered to blow the whistle or report. Hotline and their anonymity should be protected with deliberate plans to deal with issues raised. The key learning point(KLP) while certification are perused vigorously,” he said.
Chidi Umeano., Head Shared Service Department CBN, identified 42 opportunities that organisations can share and choose five things which includes payment system, IT Standard, open infrastructure on IT & Power and Backup office for them to apply.
He disclosed that we do not have the investment protection, so payment card industry payment security standard intended to optimize payment processes was introduced to reduce the incidence of fraud.
“Any bank that is attacked ought to put such information in a portal and share the information to other banks and not been competitive. We need to join our expertise and skill together. Little or no cost will be incurred through shared services. It will prevent reoccurrence to other banks. Shared service is a global trend to drive efficiency. A problem shared is a problem solved, “he added.
On her part the Onajite Regha is currently the Executive Secretary and Chief Executive Officer of E-payment Providers Association of Nigeria (E-PPAN) stated that in order to significantly reduce fraud, it is essential to formulate a solid, comprehensive approach.