Enterprise Bank MD highlights advantages of e-Payment system

The Managing Director/Chief Executive Officer, Enterprise Bank Limited (EBL), Mallam Ahmed Kuru, has said that improving the confidence of Nigerians on the usage of electronic payment systems is dependent on the diligence, monitoring and control measures of auditors of banks to prevent electronic fraud (e-fraud).

Speaking at the quarterly meeting of the Committee of Chief Inspectors of Banks in Nigeria (CCIBN), which Enterprise Bank hosted in Lagos recently, Kuru who was represented by Mrs. Nneka Onyeali-Ikpe, an executive director of the bank, stated that more Nigerians would embrace the electronic system of banking, especially now that the country is migrating to a cashless economy, if they are guaranteed the safety of their money or transactions.

Describing e-fraud as a crime that affects the society as a whole and impacting upon individuals, businesses and governments, the Enterprise Bank boss maintained that recent studies support the fact that such sharp practices have also increased in Nigeria with the dawn of cashless system, which is largely as a result of inadequate awareness as well as limited counter measures to prevent such crimes.

But since the financial sector will not submit to the manipulation of a few fraudulent individuals, he challenged the CCIBN to always be a step ahead of these evil-minded fraudsters in order to prevent electronic fraud in Nigeria. According to him, “This is the time for all stakeholders to come together to fashion out robust strategies that will assist in checkmating this monster.”

Kuru, therefore, suggested a few areas in which strategies can be developed to help curb e-fraud. These include the development of effective controls by member banks in areas like PCI Data Security Standard (PCI DSS) and Penetration Testing; stakeholders collaboration in the provision of information during e-fraud investigation, maintenance of efficient joint industry database on e-fraud activities for knowledge sharing, collaboration with international and local agencies to develop effective strategic responses to prevention and investigation of e-frauds as well as the recruitment of professional staff.

The MD/CEO also charged the chief inspectors to regularly do thorough employee background checks, conduct fraud awareness training and ensure consequences are understood, make vacations mandatory and segregate duties, limit authority to initiate or originate movement of funds and meet regularly to exchange ideas on issues that affect their duties among others.

Source: PM News