Nigerian Banks Get Legal Prerogative To Punish E-fraud Offenders

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Nigerian Apex Bank, CBN has given Deposit Money Banks and other financial institutions the legal backing to punish perpetrators of electronic fraud especially in the financial services industry.

Owing to the passage of the Cybercrime Prohibition and Prevention Act, the CBN therefore urged banks to punish offenders, adding that the document was vital to the fight against e-fraud.

Mr. Dipo Fatokun, who is the Director, Banking and Payment System, stated these in Lagos at the NeFF meeting on Friday.

Fatokun, who is also the Chairman of the Nigerian Electronic Fraud Forum, described the Cybercrime Prohibition and Prevention Act as a strong force that would help the industry in combating electronic fraud.

He said, “So many things that were not criminalised in the past are now criminal offences. And if people are aware of this, it would even serve as a deterrent to those who want to be involved in activities that could send them to prison or deny them of their freedom or even make them to pay heavy fine.

“So we are gathered here to educate ourselves firstly and see ways through which we can get this information out to the public to give a warning as far as the electronic payment platform is concerned.”

“We have a procedure in place. For example, if anyone is dismissed in a bank because of fraud, the name of such an individual would be sent to the banking supervision department of the CBN, where a database is maintained and such people are blacklisted.

“By being blacklisted, it means that such a person cannot work in the banking industry. So, how much does such a person want to gain to spoil his or her reputation and family name? Another thing is that the banks are collaborating to ensure that we reduce electronic fraud.”

The CBN director said the challenges facing electronic payments globally and in Nigeria were more real than imagined.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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