CBN To Crack Down On e-Fraud

e-FraudCBN said it working on a policy that will ensure those involved in e-fraud are identified and blacklisted.

Director, Banking and Payment System, Mr. ‘Dipo Fatokun, disclosed this at the October edition of the Nigeria e-Fraud Forum (NeFF).

BVN To The Rescue

NeFF CHairman, Fatokun said the BVN would also be used in identifying fraudsters in the industry.

“We are currently working on a framework using the BVN to eliminate fraudsters. One common thing about electronic fraud is that money is moved from an account to another account.”

“So, identifying the owner of that fraudulent account using the BVN, we would be able to identify him or her in the bank in which he has moved the money to. We would also identify him in all the banks where he has accounts. When legal impediments are overcome, such people could be blacklisted or watchlisted in the banking system.”

“That would also assist us a great deal in curbing the menace of fraudsters. Opening account is a contract. If a bank notices that a particular customer is fraudulent or is a criminal, the bank has the right to get him order out of the contract.

“Also, another implication is that if an account is watchlisted when the framework becomes operational, credit into such account would be withheld. This is because if we are able to watchlist, we will be able to apprehend and prosecute.”


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