• Thursday, February 29, 2024
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CBN moves with stiffer sanction as banks record 20% fraud reporting


Concerned by the low level, less than 20 percent of fraud reporting by deposit money banks, the Central Bank of Nigeria (CBN) has moved with more punitive measures to ensure full compliance.

The CBN said it would today or on Monday issue another circular to all banks to speed up to capture all their customers in the Bank Verification Number (BVN) exercise which is one of the measures put in place to combat fraud in the industry.

Biyi Dosumu, deputy director, banking supervision department, CBN, disclosed this at a stakeholders’ workshop on ‘Combating Fraud and Money Laundering’, marking the Anti-Fraud and Compliance Awareness Week organised by Access Bank plc.

According to him, the efforts of the CBN in combating fraud and ensuring enhanced payment system include collaborating with key stakeholders, establishment of ATM fraud prevention committee in 2009, establishment of Nigerian electronic Fraud Forum, establishment of Payment Infrastructure and Strategy Committee & many other industry committees.