Breaking News: Preventing Fraud, CIBN Advises Banks On Transaction Security

Breaking News: Preventing Fraud, CIBN Advises Banks On Transaction Security

The Chartered Institute of Bankers of Nigeria (CIBN) has recommended that the Central Bank of Nigeria (CBN) implement effective policies to combat fraudulent transactions in the banking industry. The institute, led by Isaac Arokun, the Chairman of CIBN in Ogun State, emphasized the importance of prioritizing cybersecurity measures by financial institutions to protect their websites and safeguard customer information.

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During a debate organized as part of the Annual Bankers’ Week activities in Ogun State, Arokun asserted that the CBN, as the regulatory body, should formulate policies preventing unauthorized access and fraudulent activities. He highlighted the increasing prevalence of electronic fraud in the banking sector and called for additional cybersecurity measures to deter frivolous transactions.

Arokun urged banks to develop robust and proactive cybersecurity policies to effectively combat cyber threats. He emphasized the need for the CBN to engage in advocacy and public enlightenment, ensuring that policies are communicated to the public for better understanding and protection of funds in banks.

The debate, which focused on combating fraud in the banking industry, saw the Federal Polytechnic Ilaro emerge as the top contender. Arokun expressed the CIBN’s interest in nurturing and developing the younger generation, stating that the youth have the opportunity to make significant contributions to the global economy, especially in the era of the first industrial revolution driven by AI and machine learning.

Arokun encouraged participants to acquire modern skills and knowledge, emphasizing Nigeria’s potential to become a global giant by 2050. He emphasized the importance of leveraging the demographic advantage to establish Nigeria as the most populous economy in the world and urged the youth to strive for excellence in driving economic growth through technological advancements.

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Source: Bushradiogist