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e-Fraud: CBN re-appoints Digital Encode as technical partner

By BusinessNews Staff on September 5, 2015

The Central Bank of Nigeria has re-appointed a leading indigenous information security firm, Digital Encode Limited, as the sole technical partner to the Nigerian Electronic Fraud Forum.

NeFF, an initiative of the CBN, was set up for the identification, mitigation, prevention and prosecution of all electronic fraud-related acts perpetrated in the country.

The CBN, had at the introduction of the cash-less Nigeria initiative, mobilised all stakeholders in the electronic payment space to set up the NeFF.

Digital Encode was therefore appointed to ensure that the NeFF gets all the technical supports it requires.

Following the impeccable performance of Digital Encode over the years, the CBN decided to continue its technical partnership agreement with the fast growing indigenous security firm by renewing the agreement.

In a letter renewing the partnership, the Director, Banking and Payment System, CBN, Mr. Dipo Fatokun, said, “The Steering Committee of the forum in recognition of your wealth of experience on matters involving electronic fraud particularly in the areas of information security management, network security, vulnerability management and penetration testing (ethical hacking) has decided to appoint you as technical consultant to the NeFF.”

According to Fatokun, who is also the NeFF Steering Committee Chairman, Digital Encode is expected to facilitate advanced training for key industry personnel.

The company, he added, would also be expected to gather, analyse and review data and peer activity in conjunction with the steering committee.

As part of the specific terms of reference, the NeFF chairman said Digital Encode would also conduct forensic and predictive analysis and, if need be, engage in lab simulation which would assist in educating organisations while enhancing their abilities to manage risk and develop security strategies and best practices.

According to the NeFF, Digital Encode will also assist the forum to achieve any part of its scope of work where the company’s expertise and advice will be required.

Commenting on the renewal of the technical partnership agreement, the Chief Technical Officer of the company, Mr. Oluseyi Akindeinde, said, “We are indeed glad to have been re-appointed as the sole technical partner to the CBN on e-fraud matters. As electronic fraud has become somewhat of an industry bottleneck, this milestone simply underpins CBN’s risk management efforts in minimising payment fraud risk in order to establish consumer confidence in the cashless economy.

“This has the overall effect of not only benefiting consumers, it also facilitates and helps build trust in the industry as a whole.”

Also commenting, Digital Encode Chief Operating Officer, Mr. Adewale Obadare, said it was essential for electronic transactions in the country to be protected as the cash-less system gained momentum.

He said the re-appointment was welcome and thanked the CBN for giving the company the opportunity to play a key role in the fight against electronic frauds in the country.

Obadare gave assurance that the company would provide adequate support to the NeFF in the area of information security management, network security, vulnerability management and penetration testing, among others.

[Punch]

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