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Banks only interested in profits – Interpol
The disturbing rate of Internet fraud in the financial services sector came under the spotlights on Friday as the Central Bank of Nigeria and the Nigeria Inter-Bank Settlement System expressed worry over the growing menace.
They wondered why people who use mobile lines and bank accounts to defraud others could not be swiftly apprehended and prosecuted despite the mandatory NIN-SIM linkage introduced by the Federal Government.
They therefore stressed the need for all stakeholders, especially the banks, Nigeria Communications Commission and security agencies, to do more to address the problem.
Speaking at a webinar organised by the Committee of e-Banking Industry Heads, with the theme ‘Digital Fraud and the need for a national Intelligence programme’, the Director of Payments System at the CBN, Musa Jimoh, stated that the rate of frauds in the sector had expanded and that the perpetrators were exploiting new channels to compromise the system.
The Ministry of Communications had in 2017 disclosed that Nigeria loses about N127bn yearly to cases of Internet frauds across all the sectors of the economy. It added that the majority of the frauds were perpetrated on foreign domain names but had become popular among Nigeria’s millions of Internet users.
However, Jimoh gave an assurance that the apex bank was closely monitoring the financial services space to ensure that the activities of the fraudsters…
