Cashless banking attracts e-payment risks- CBN

Central Bank of Nigeria (CBN) has said the implementation of the cashless policy had increased the risks associated with e-payments.

Speaking at the First Bank of Nigeria Information Security webinar in Lagos recently, CBN Director, Banking Supervision Department, Hassan Bello, said there was need to enlighten the public on essential ways to protect their information against unauthorised access, disruptions, monitoring and alteration.

Bello represented by Adetona Adedeji, said the cashless policy issued to drive the development and modernisation of the payment system, reduce the cost of banking services and promote financial inclusion amongst others had increased the risks associated with electronic banking.

Speaking on the theme: “The role of CBN in Cybersecurity and cyber fraud prevention in deposit money banks”, Bello called on customers to monitor their accounts regularly and report unusual activities and balance to their banks.

Bello also called for an enhanced security measures on all electronic delivery channels to minimise the loss of customers’ funds.

He described cybersecurity as the practice of protecting systems, networks, and programmes from digital attacks.

He said that cyberattacks were usually aimed at accessing, changing or destroying sensitive information; extorting money from users or interrupting normal business processes.

He said that the impact of fraud on customers include loss of confidence in the financial system; monetary loss and negative perception of bank’s security system.

On his part, head Information Security Operations at FirstBank, Harrison Nnaji, called on customers not to share sensitive and personal data with third party.

Nnaji said that customers needed to be smart to avoid falling prey by avoiding sharing sensitive document in the public.

He said that customers should be mindful of what they shared on social media such as Instagram, Facebook and LinkedIn, among others.

Nnaji said that no bank would request for personal information for a transaction to be completed.