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Financial crisis induced by cybercrimes is imminent in Nigeria – Experts

Damilare Famuyiwa by Damilare Famuyiwa
September 1, 2019
in Business News, Politics
Protecting your money from fraudsters, Financial crisis is imminent in Nigeria -Dr. Segun Aina, Yahoo Yahoo
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There will be a financial crisis in Nigeria and all over the world. This is according to the President, Fintech Association of Nigeria, Dr Segun Aina, who predicted that the financial crisis is imminent if nothing is done to avert it.

While citing the UN E-Government Survey 2018 that placed Denmark first on the list of the countries to be hit by the financial crisis, Aina made known that Nigeria ranked 143 out of the 193 member countries surveyed.

During his speech at the 2019 Chartered Institute of Bankers of Nigeria (CIBN) Lagos State Branch, Bankers and Stakeholders Night in Lagos, Aina, who doubles as the Chairman, Global Banking Education Standards Board, revealed that governments of different countries might also not be able to provide bailouts to banks as they did in 2008.

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Aina made reference to a report released by the Nigeria Deposit Insurance Corporation (NDIC), that projected that cybercrime would cost the world $6 trillion annually by 2021, upward from $3 trillion in 2015.

“Global spending on security awareness training for employees is predicted to reach $10 billion by 2027, up from around $1 billion in 2014. Training employees how to recognise and defend against cyber-attacks is the most under the spent sector of the cybersecurity industry,” he was quoted.

A glance at the banking sector: Aina revealed that banks’ losses to fraud in Nigeria jumped to N15.15 billion in 2018, an increase of 539% compared to N2.37 billion in 2017, maintaining that internet and technology-based sources of fraud accounted for 59% of fraud cases and 43% of actual loss.

Nairametrics had reported that the Central Bank of Nigeria (CBN) was considering revamping the modalities of banking regulations to address the losses that emanate from cybercrime and technology risk in the financial sector.

[READ ALSO: NDIC says ten Banks account for 87% of banking fraud]

This move has become imperative as a report by McAfee’s Centre for Strategic and International Studies suggested that the annual cost of cybercrimes in 2017 hit significant billions of dollars worldwide as hackers become more sophisticated and criminal marketplaces and cryptocurrencies thefts multiplied.


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Tags: CybercrimesDr. Segun AinaFinancial crisisFintech Association of NigeriaFintechNGRfraud
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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