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Banks set up fund to fight e-fraud - Business - Heroslodge

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Banks set up fund to fight e-fraud by Noblex: 3:53 am On Dec 27, 2017

The Deposit Money Banks in the country have set up a multimillion-naira fund to fight scammers as the banking sector continues to record rising cases of electronic fraud. Part of the funds will be deployed in massive anti-fraud campaigns to expose the tricks of e-fraudsters beginning January 2018.

The Chairman, Committee of Electronic Banking Industry Heads, the umbrella body for the heads of e-banking in all the commercial banks in the country, Mr. Dele Adeyinka, made the disclosure in an exclusive interview with our correspondent on Tuesday.

Adeyinka said, “Six months ago, in mid-2017 we realised that we needed to set aside some amount of money (running into hundreds of millions of naira) to create awareness about electronic fraud. We decided that an ‘X’ amount of all the transactions going through the NIBSS platform for the purpose of fighting fraud.

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