As new technological innovations are created to make payments faster and seamless, so it seems fraudulent activities involving electronic fraud have increasingly become prevalent. These cyber actors are obviously are not relenting in their efforts to use sophisticated tactics to separate people from their hard earned money.
According to NIBSS, 376 million naira was lost to fraud in the first quarter of 2017. The impact of fraud is a major hindrance to the growth of electronic payment in the country and the world at large. It, therefore, comes as no surprise that industry stakeholders are concerned on how to mitigate their activities. A proper understanding of the various types of frauds by security agents will prevent loss of time which affects the outcome of investigation, persecution and adjudication.
This is why the E-Payment Providers Association of Nigeria (E-PPAN) in collaboration with Nigeria Inter-Bank Settlement Scheme plc (NIBSS), Packway Projects, Committee of Chief Compliant Officers of Bankers in Nigeria (CCCOBIN) and Nigeria Electronic Fraud Forum (Neff) has decided to facilitate a training to improve the knowledge of the Nigerian Police force.
The two-day training which will be held on the 29th and 30th of August 2017, at the Police Special Fraud Unit, Ikoyi, Lagos will cover the dynamism of electronic payment processes and fraud including an overview of payment process; common trends in payment fraud; point of compromise/vulnerabilities of payment system.
Others include basic indicators to look out for in investigating e-fraud, available laws and policies of electronic payment in Nigeria and Synergy among stakeholders. This knowledge would go a long way in assisting the force with investigations of electronic fraud in Nigeria.
Cybercrime techniques are evolving every day as fast as new technologies are being implemented. E-PPAN hopes to expose the police to the new payment technologies and vulnerabilities which are inherent. This training session will go a long way to helping the police understand the various types of payment crime and what to look out for when investigating and tackling electronic fraud in Nigeria.