Global electronic banking fraud hits $31b

Global electronic banking fraud has hit $31 billion, the Chartered Institute of Bankers of Nigeria (CIBN), has said.

Its Chairman, Lagos Branch, Mr. Peter Ashade, who spoke ahead of a forum the group is planning for Lagos, lamented that this robust electronic service platform has come with a number of concerns and challenges, particularly the perpetration of fraud.

He said global electronic fraud last year stood in excess of $31 billion.

He said digital banking, was growing fast, throwing up major challenges in the system with increasing vulnerability.

This he said has put industry stakeholders, including financial experts on their toes.

He said CIBN is spearheading a crusade to sensitise the public on emerging trends, challenges and benefits of digital banking.

He said robust intellectual discourse tagged: Rethinking Banking Models in the Digital Age for Economic Development of Nigeria  scheduled for August 29,  will provide a platform for industry stakeholders to rub minds on the way forward.

Ahsade said the topic was instructive for the general banking public, banking practitioners and regulators, as digital banking has become strategic in the heart of the economy.

According to him, this was particularly so now that the country is seeking greater financial inclusion and more efficient banking services.

“Digital banking service is one of the most significant developments in the banking industry in its long history. Two of the most important features are speed and convenience.

“Bank customers can access their accounts view their statements, make transfers, pay bills and more, all from the comfort of their homes, offices or on the go.

“Traditional banking habits, security, technical issues and transaction difficulties, all pose major challenges facing the banking industry in the country today,” he said.

He added that despite these challenges, the demand for electronic banking services continues to be very strong.

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