CBN, Banks Step Up Campaign Against Cyber Fraud

The Central Bank of Nigeria and the Bankers’ Committee have launched a cyber- security and fraud awareness campaign.

The campaign titled ‘Moni Sense’ is expected to serve as a platform to educate the general public on how to protect themselves against cyber fraud and scams.

Nigeria’s Bankers’ Committee sees financial literacy and public enlightenment as a critical pillar of its mandate.

Unsuspecting individuals and businesses have been estimated to lose over $500m annually to cyber fraud.

Nigerian banks in 2018 had reported loss to cyber- crimes and forgeries amounting to N15bn.

In 2017, the amount lost to forgeries is estimated at N250bn.

The committee, according to a statement said fraud and cyber security awareness remains important in ensuring that the general Nigerian public is informed on their role in protecting their banking information from fraud.

The Chairman, Financial Literacy and Public Enlightenment Sub-Committee of the Bankers’ Committee, Mr. Emeka Emuwa, said that the campaign became imperative as fraudsters and scammers are devicing new strategies to deceive people.

He said, “Fraudsters and scammers continually devise new ways to deceive the unsuspecting public, usually to lure them to inadvertently disclose confidential bank information.

“We need to encourage Nigerians to always be cautious and ignore any text message, phone call, or email asking to update your bank information, provide sensitive bank details, disclose online banking details, debit card numbers, bank verification number or PIN to anyone.”

Nigeria’s financial illiteracy level is estimated at 31.1 per cent in urban areas and 68.5 per cent in rural areas based on a 2015 survey.

The apex bank and the committee said the ‘Moni Sense’ campaign would empower Nigerians with critical information and knowledge necessary to make important financial decisions.

The committee also said the scheme would drive poverty reduction across the country.