How To Reduce Online Banking Fraud In Nigeria, By Donation | The Guardian Nigeria News

A professor of business management at Ladoke Akintola University of Technology and former head of the management and accounting department, Abiola Idowu, has suggested ways to curb the surge in online banking fraud in Nigeria.

Don made the presentation at the 51st Inaugural Conference of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Oyo State, where she spoke on the topic: “Digital Revolution and Online Banking Fraud in Nigeria : prospects and contours of the management control function. ”

The don said the National Assembly should come up with relevant bills such as Cybersecurity and Information Protection Bill and Electronic Transaction Protection Bill that could eliminate or reduce fraud. electronic at a minimum.

The professor advised the Central Bank of Nigeria (CBN) to issue operational guidelines already in use, to be reviewed to regulate online banking services in such a way that suspicious transactions can be transparently reported to its financial intelligence units .

She added that banks should be mandated to deploy advanced tools and technologies, which could adequately protect customers from falling prey to fraudsters, given the over-reliance on telecom service providers for services. basic services.

The keynote speaker called for the urgent provision of automated analytics tools that can identify and report fraud attempts in a timely manner.

She also called for the deployment of deep learning by bank management.

Idowu said, “Deep Learning is a new approach to machine learning and artificial intelligence that can identify complex patterns and characteristics of cybercrime and online fraud.”

She continued: “There is an urgent need to review the internal audit functions of banks to include the analysis and management of fraud risks, while the internal control mechanism should be strengthened by adequate investment in the training of the cybersecurity staff, online audit fraud detection and management.

“There should be regular rotation of bank employees to thwart collaborative fraud. Regulatory institutions and banks should organize workshops, seminars and public lectures for bank customers on how to evade various online banking frauds. The banking industry is expected to revamp the existing Bank Verification Number (BVN) framework with the introduction of the BVN watch list.

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