Enterprise Bank Seeks Collaboration to end e-Fraud



Piqued by the growing incidents of electronic fraud, e-Fraud, in the financial sector of the economy, Ahmed Kuru, managing director/chief executive officer, MD/CEO, Enterprise Bank Limited, has called on banks to establish anti-fraud departments as a way of curbing the menace.

While delivering a keynote address titled: When All Goes Wrong: Mediation and Arbitration Best Practices, at the just concluded meeting of the Nigeria Electronic Fraud Forum, NeFF, in Lagos, Kuru who was represented by Chuks Ekpunobi, the bank’s head, strategy and corporate transformation, said this was also the time for banks to collaborate to eradicate e-Fraud, which he also described as a common enemy.

He said statistics provided by the Financial Institutions Training Centre, FITC, indicated that electronic fraud had assumed an upward trend since 2010 and this shad become worrisome because the increase. He argued that bankers, auditors and internal control officials of financial institutions might not be as knowledgeable as the fraudsters themselves. “If we are to make progress in this direction, banks need to as a matter of urgency, establish anti-fraud departments with staff that would always be ahead of the fraudsters in every sense of the word,” he explained.

The industry has lost about N2 billion to electronic fraud in the first and second quarters of the year. He said should this trend continue, about N5 billion would be the estimated loss by the end of 2014. He was emphatic that the establishment of anti-fraud units would provide fraud control and present a platform for the implementation of viable fraud management solutions.

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