As part of its renewed efforts at combating sharp practices within the banking sector, the Central Bank of Nigeria, CBN, has established Nigerian Electronic Fraud Forum, NEFF, to address fraud arising from the increased adoption of electronic payments, e-payment.
In a circular signed by the apex bank’s Director of Banking and Payments System Department, Dipo Fatokun, he explained that the provisions of the circular shall take
effect from July 1, 2015.
He directed all Deposit Money Banks, DMBs, Mobile Money Operators, MMOs, Switches and all payments service providers to maintain a dedicated Fraud Desk in their organisations.
According to him, “following submissions to the CBN by NeFF and consultations with DMBs and electronic payments service providers; it has become imperative that an effective mechanism for receiving and responding promptly to fraud alerts be set up within the Nigerian banking industry, towards managing and reducing successful electronic payments fraud rate in Nigerian Banking Industry.”
He tasked the providers to appropriately staff the Fraud Desk with personnel that have requisite training on emerging fraud trends on various electronic payments channels. The CBN boss also said that the desk shall at a minimum offer the following services: provide
support to customers on electronic frauds with a minimum of 10 dedicated phone lines, manned and available to customers at all time, make available the option for calls to contact centre in respect of fraud alerts or complaints to be redirected to fraud desk.
In addition to that, it must block and place No Debit restrictions on accounts upon receipt of fraud complaint, receive customers’ stop-transaction instructions to block their accounts through short codes services provided to customers by the banks and log all customers’ fraud alerts and complaints and escalate in line with internally predefined escalation path.
Other requirements for creating fraud desk office in the by the service providers include: to submit reports to the Nigerian Inter-Bank Settlement System plc on fraud information logged by the fraud desk, honour “hold” instructions from NIBSS with respect to fraud matters and grant NIBSS permissions to view details on logged transactions, sensitive customers on e-Fraud Desk services, manage/resolve all intra-bank fraud issues leveraging an enterprise
fraud management system, maintain a mail group mapped to members of the fraud desk team.
The NIBSS plc shall also have responsibility as industry coordinator of the fraud desks across all banks, mobile money operators, MMOs, Switches and payments service providers and must provide electronic platform for fraud desks in Banks, MMOs Switches and Payments Service Providers.

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