Chief Executive Officer Of Fidelity Bank Advocates Measures To Curb Electronic Fraud

<p>&nbsp&semi;<&sol;p>&NewLine;<h4>&NewLine;Chief Executive Officer Of Fidelity Bank Advocates Measures To Curb Electronic Fraud<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Managing Director&sol; and hief Executive Officer&comma; Fidelity Bank Plc&comma; Mrs&period; Nneka Onyeali-Ikpe has called on the Nigeria Electronic Fraud Forum&comma; NeFF to come with solutions to the challenges posed by electronic fraud to financial system&period;<&sol;p>&NewLine;<p>According to a report published in Vanguard Newspaper&comma; she made this call in Lagos while speaking at the 3rd quarter general meeting of NeFF&period;<&sol;p>&NewLine;<p>Nneka Onyeali-Ikpe explained that e-fraud are activities carried out online to exploit individuals and business entities for financial gain&period;<&sol;p>&NewLine;<p>She listed examples of e-fraud to include&colon; Phishing&semi; Advanced fee fraud &lpar;419&rpar;&semi; Online Auction Fraud&semi; Identity Theft&semi; Tech Support Scams&semi; Online Romance Scam&semi; Investment Scam&semi; Business Email compromise&semi; Ransomware&semi; Online Rental Schemes&semi; Pyramid Schemes&semi; and Click Fraud&period;<&sol;p>&NewLine;<p>Highlighting the rising trend of e-fraud in the country and the associated challenges&comma; the Fidelity Bank boss said&colon; &OpenCurlyDoubleQuote;According to data released by NIBSS&comma; the value of electronic payment transactions in Nigeria increased by 298&percnt; YoY from N34&period;04 trillion in Q1 2022 to N135&period;52 trillion in Q1 2023&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;As technology continues to advance at an unprecedented pace&comma; our reliance on digital transactions has grown exponentially&period; However&comma; with this rise in digital interactions&comma; the threat of e-fraud has become a significant challenge affecting individuals&comma; businesses&comma; and industries alike&period;<&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">&OpenCurlyDoubleQuote;The banking industry lost a total of N14&period;3 billion to electronic fraud in 2022&comma; up from the N12&period;7b reported in 2021&period; As at Q1 2023&comma; the total fraud loss was N5b according to the NIBSS Annual Fraud Landscape reports&period;<&sol;a><&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The Mobile channel is the most exploited channel by fraudsters in 2021 and 2022 with 42&comma;821 and 45&comma;090 reported fraud records respectively&period; Total fraud count in 2021 was 123&comma;918 and 101&comma;668 in 2022&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;E-fraud has permeated multiple industries&comma; spanning from banking and finance to e-commerce and beyond&period; These cybercriminals leverage advanced methods to exploit vulnerabilities&comma; gaining unauthorised access to crucial data and funds&period; The repercussions of e-fraud are not limited to financial losses&semi; they also extend to eroding trust and eroding brand reputation&period;<&sol;p>&NewLine;