Business News
Fraud Cases hit major payment channels across Nigerian Banks
Major payment channels in Nigeria were hit with the high reported fraud incidences in 2018, according to the Central Bank of Nigeria (CBN),
Major payment channels in Nigeria were hit with the high reported fraud incidences in 2018, data obtained by Nairametrics from Central Bank of Nigeria (CBN) revealed.
The apex bank’s Financial Stability Report disclosed that the payment channels hard-hit include Automated Teller Machines (ATM), Point of Sales (POS) and Mobile.
Details provided show that ATM recorded the highest incidences of fraud in Nigeria with 34.87% Fraud Interest Index in the period under review. Also, the Mobile payment channel ranks the second with the highest fraud incidences with 28.21% Fraud Interest Index, while POS recorded 19.55% Fraud Incidences in 2018.
Fraud incidences recorded across other payment channels include “across the counter” (8.52%), Cheques (1.87%), E-commerce (0.14%) and Internet Banking (0.43%).
Payment Channels’ Fraud: Earlier report published on Nairametrics showed that cases of fraud and forgeries recorded by Deposit Money Banks (DMBs) rose to 25,029 at the end of December 2018, from 20,774 cases at the end of June 2018. In terms of the amount involved, the sum of N18.94 billion was recorded as cases of fraud and forgeries in 2018 full year, with actual losses estimated at N2.21 billion.
Also, according to an earlier report released by the Nigerian Electronic Fraud Forum (NeFF), electronic bank fraud cases over the last three years (2016 – 2018) rose to N5.571 billion. According to the NeFF report for 2018, while the value of fraud perpetrated across counter has been on the decline over the last three years, the ones done via Automated Teller Machines and mobile devises has been on the increase.
Cloned ATM Card Alerts: The CBN 2018 report further shows that there is rising trend in payment channel fraud in the World. While providing details on the global trend, CBN noted that the U.S Bureau of Investigation had issued a warning to banks on a new type of fraud known as “the ATM Fraud or ATM Cloned Card fraud”.
Basically, the ATM cloned Card fraud involves hackers accessing bank systems or payment card processors and altering data in order to withdraw large sums of cash within a short period.
[READ ALSO: States’ IGR hits N691 billion as Osun, others recorded biggest growth]
By the end of December 2018, various cyber-attacks had been carried out on high profile entities, including the Central Bank of Bahamas, Marriot Hotels, Google plus, Arik Air, British Airways and UK NHIS, leading to the loss of customers’ private information, revealing the vulnerability of all classes of organizations.
In order to tackle this trend in Nigeria, CBN noted that bank customers are continually sensitized on safe banking practices while banks are also encouraged to implement strong authentication controls and carry out comprehensive infrastructure risk assessments.
Coronavirus
COVID-19 Update in Nigeria
On the 27th of October 2020, 113 new confirmed cases and 3 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,224 confirmed cases.
On the 27th of October 2020, 113 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 2,326 samples across the country.
To date, 62,224 cases have been confirmed, 57,916 cases have been discharged and 1,135 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 614,480 tests have been carried out as of October 27th, 2020 compared to 612,154 tests a day earlier.
COVID-19 Case Updates- 27th October 2020,
- Total Number of Cases – 62,224
- Total Number Discharged – 57,916
- Total Deaths – 1,1135
- Total Tests Carried out – 614,480
According to the NCDC, the 113 new cases were reported from 12 states- Lagos (51), FCT (15), Plateau (11), Kaduna (8), Oyo (8), Rivers (8), Ogun (4), Edo (2), Imo (2), Kwara (2), Delta (1), Kano (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,935, followed by Abuja (6,008), Plateau (3,614), Oyo (3,433), Rivers (2,781), Edo (2,654), Kaduna (2,625), Ogun (2,014), Delta (1,813), Kano (1,743), Ondo (1,666), Enugu (1,314), Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (923), Abia (898), Gombe (883). Borno (745), and Bauchi (710).
Imo State has recorded 616 cases, Benue (486), Nasarawa (479), Bayelsa (403), Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (140), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
ENDSARS
Oyo sets up N500 Million fund each for youth entrepreneurs, compensation for victims of police brutality
Governor Seyi Makinde plans to disburse N500 million fund to youth entrepreneurs in Oyo state.
ENDSARS
VP Osinbajo leads Committee to address unemployment, poverty among others
The National Economic Council (NEC) is ready to address the concerns of youths and Nigerians at large.
After over four hours of deliberations at the emergency meeting of the National Economic Council (NEC), a Committee was set up to meet the needs and demands of Nigerian youths behind the #EndSARS protests. The head of the Committee is Vice President Yemi Osinbajo.
This information is contained in the circular issued by the National Economic Council and shared by Laolu Akande, the Senior Special Assistant-Media & Publicity to the Vice President.
READ: KPMG report blames FIRS, others over ₦8 trillion under-remittance into Federation accounts
According to Akande, the Joint Committee was consequently set up by Osinbajo, SAN, to work with State governments represented by the Governors of Ebonyi, Ondo, Niger, Delta, Borno and the Sokoto States to implement the resolutions of the emergency meeting.
The National Executive Council during the meeting affirmed an unequivocal belief and assurance that most members of the nation’s security personnel are law-abiding and are capable of restoring law and order in the country.
READ: CBN to sanction exporters who default on export proceed number
After over 4 hours of deliberations:
NEC SETS UP COMMITTEE TO ENGAGE YOUTHS, OTHERS ON EMPLOYMENT, SOCIAL SAFETY NETS & NATIONAL UNITY*COMMENDS NIGERIAN POLICE, SECURITY AGENCIES ON HANDLING OF DISTURBANCES IN SOME STATES
— Laolu Akande (@akandeoj) October 26, 2020
What you should know
The Joint Committee set-up by the NEC, to see to the implementation of the following frameworks and the given objectives:
• Framing of a new security and stability architecture for the country.
• A framework of engagement with the youths, civil society, and religious leaders, in a bid to promote national unity.
READ: 2021 Budget: Senate sets motion for budget defense, commences 2020 review
• A framework to engage with security agencies that will devolve more control to State governors who are the chief security officers of their states.
• A framework for the Federal Government to provide compensation for those who have incurred losses in the last few weeks.
• A social security framework for the youths and Nigerians to deal with the problem of unemployment and poverty in the country.
COVID-19 Update in Nigeria
Oyo sets up N500 Million fund each for youth entrepreneurs, compensation for victims of police brutality
Federal Government declares Thursday October 29 public holiday, to mark Eidl-Mawlid
FG disburses MSMEs Survival Fund in Lagos, Kano, FCT and 9 other states
VP Osinbajo leads Committee to address unemployment, poverty among others
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦461/$1
Guinness Nigeria Plc jostles to improve from its insipid 2020 financial year
CACOVID reacts to looting of food items, explains why distribution of palliatives was delayed
Nigeria may never harness full development potentials in the Oil & Gas industry – Dr. Babajide Agunbiade
