The Central Bank of Nigeria (CBN) said on Tuesday in Lagos that fraud from the use of Automated Tellers Machines (ATMs) had reduced by 98.5 per cent.
Mr Gaius Emokpae, the CBN Director, E-Banking Payment Department, made this known at the 2nd Annual Payment System and Fraud Conference in Lagos.
Emokpae said that the apex bank was not unmindful of the e-payment problems which had become worrisome because of its abuse by users.
He said that the CBN would address the problems associated with the e-payment system.
The CBN director said that this was why the CBN came up with the ENV chip for ATM cards.
Emokpae said that the apex bank was also collaborating with other agencies such as the EFCC and ICPC to reduce the e-payment fraud.
He said that making the e-payment to work effectively should be the overall interest of the stakeholders and regulators.
He further said that the idea of the e-payment system should not just be `‘state-of-the-art’’ but a measure to improve on traditional payment and prevent fraud associated with payment system.
Also speaking, Mr Adewale Ademola, an Executive Director, Keystone Bank Ltd., said that all stakeholders must have certifications required for the operation of the e-payment system.
He said that the certification would make them to fall below the required standard.
Ademola urged banks to institute strategic governance, internal and operational control as well as ensure that the right people managed the risk involved in the e-payment, noting that e-payment fraud was on the increase.