The Vice President, Prof. Yemi Osinbajo says Nigeria loses about N197 billion as cost of financial services fraud annually.
The Vice President made the observation on Tuesday at the stakeholders forum on financial fraud using telecoms platform organised by the Nigerian Communications Commission, NCC in collaboration with the Central Bank of Nigeria, CBN.
Osinbajo, who was represented at the event by Barr. Bolaji Owoseye said the positive developments in the nation’s telecom sector attract new dangers because fraudsters have also infiltrated the system to compromise telecom platforms, thus putting all these positive outlooks from mobile money and financial services at risk, leading to loss of huge amount of money to fraudsters every day.
He noted that fake mobile money have proliferated with cloning of banks with fraudsters to extract customers personal and financial information and other mischievous activities, insisting that we must continue to innovate to checkmate the cyber criminals.
‘‘The cost of financial services fraud to the country is a whooping 197bn annually. Fake mobile money have proliferated with cloning of banks with fraudsters to extract customers personal and financial information and other mischievous activities.
‘‘We can’t out of risk of fraudsters stop innovation. We must continue to innovate. There are elderly people who do not have ATM cards. They cannot associate with the risks associated with ATM cards. We must build confidence in the market to be able to bring in people who want to be within the platform.
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