The Association of Certified Fraud Examiners, ACFE, Lagos Chapter, has called for speedy implementation of the National Cyber security Policy and Strategy (NCPS) 2020 when it is finally unveiled.
This followed the rising cases of online fraud in the country especially during COVID-19 when business activities mostly explored the online space.
Speaking during a virtual training organised for members and non members recently, President of ACFE, Lagos State Chapter, Prof. Godwin Oyedokun,worried that despite its gains, technology advancement has further ignited e -fraud ,which gained more traction during COVID-19.
According to Oyedokun, “electronic fraud refers to any type of fraud scheme that uses email , websites and message boards to present fraudulent solicitations to prospective victims to conduct fraudulent transactions or to transmit the proceed of fraud to financial institutions or to others connected with the scheme via the use of electronic gadgets like computers and mobile phones”
He said that while the current waves of globalisation required extensive application of ICT in carrying out financial transactions, the same technology has heightened security pressures, leading to increasing concerns for electronic fraud globally.
He lamented the loss of over N197bn to digital fraud annually ,which he said has denied several sectors of the economy the needed growth and development.
He said, ” Therefore, implementing the reviewed NCPS 2020 will pull many benefits including checking digital threats and enhance national security” .
“This would also drive economic growth for the improvement of over 200 million Nigerians,”he added .
On his part, Pius Edobor, stated that COVID-19 has created an environment for increased internal and external fraud risk as a result of disruptions in business operations.
He stressed that fintech firms must invest in cutting edge technologies like machine learning , blockchain and sound wave to deal with the menace of digital fraud.