CBN Introduces New Policy To Combat Bank Fraud

IN furtherance to its moves to combat fraud within the banking industry, the Central Bank of Nigeria (CBN) has mandated all deposit money banks (DMBs), mobile money operators (MMOs), Switches and all payment service providers to establish and maintain a dedicated Fraud Desk in their respective organizations.
The CBN said the Fraud Desk shall be appropriately staffed with personnel that have requisite training on emerging fraud trends on various electronic payment channels.
According to the apex bank, the policy takes effect from July 1, 2015, and failure to comply shall attract appropriate sanctions.
The CBN stated this in a circular titled: “Establishment of Industry Fraud Desks,” addressed to all DMBs, Switches and payment service providers, obtained at the weekend.
The circular signed by the Director, Banking and Payment System Department, CBN, Dipo Fatokun, was dated June 11, 2015.
The desk is expected to provide support to customers on electronic frauds with a minimum of 10 dedicated phone lines, manned and available to customers at all times; make available the option for calls to contact centre, in respect of fraud alerts or complaints, to be redirected to fraud desk;
In addition, the dedicated bank officials are expected to log all customers’ fraud alert and/or complain and escalate in line with internally predefined escalation path; submit reports to the Nigeria Interbank Settlement System (NIBSS) Plc on fraud information logged by the fraud desk; honour ‘hold’ instructions from NIBSS with respect to fraud matters and grant NIBSS permissions to view details on logged transactions; and sensitise customers on e-fraud and the Fraud Desk Services.
They are also to manage/resolve all intra-bank fraud issues leveraging an enterprise fraud management system and maintain a mail group mapped to members of the fraud desk.

One Response to CBN Introduces New Policy To Combat Bank Fraud

  1. Ahmed Babatunde

    June 23, 2015 at 6:32 AM

    The CBN Should Than Change Another Damention For Operating Open Market Operation In Nigerian, And Change The Currency OperationRate form One Naira To Five Hundred Naira As A Currency Note.And Five Five Hundred Naira Shall Be The Highes Currency Of Money Use In Nigerian And Let Us They Use To Kobo And Naira As Our Currency In Nigerian Let Us Forget Foreing Currency Like Dollar, Europ, Pounds, Etc.Let CBN Stop The Using Of Foregin In Nigerian Let Us Look To Other Development Country In African Like Aigerian,Ghanaian,Etc. Let Us They Use To Our Economy As Our Property In Our Our Country Nigeria Let Leave Outside Property So That Our Currencies Shouldnot Less Than Foregin Currency And Also Let Us Demand The Valume Of Our Currencies, Did We Know That Our Curriencies Isnot Valume To Any Foregin Country Like Before, So Look At Those Year When One Naira Is Two Dollors Now One Dollor Is Equlvent To Two Hundred Naira Of Which Is VeryBad In Country. So If When The Foregin Investor