In a resounding call to arms against the mounting challenges posed by electronic fraud in the financial sector, Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, has called upon the Nigeria Electronic Fraud Forum (NeFF) to unite in devising robust solutions.
Speaking with fervor at the third quarter general meeting of NeFF in Lagos, Mrs. Onyeali-Ikpe underscored the urgency of the situation. She elaborated that electronic fraud, encompassing a range of online activities aimed at exploiting both individuals and businesses for financial gain, presents a formidable hurdle that requires collective action.
Mrs. Nneka Onyeali-Ikpe‘s speech highlighted a variety of e-fraud methods, including phishing, advanced fee fraud (419), online auction fraud, identity theft, tech support scams, online romance scams, investment scams, business email compromises, ransomware attacks, online rental schemes, pyramid schemes, and click fraud. This comprehensive overview aimed to raise awareness about the multifaceted nature of the e-fraud menace.
Nneka Onyeali-Ikpe
Citing alarming statistics, the Fidelity Bank leader spotlighted the exponential rise of electronic payment transactions in Nigeria. She pointed out that the value of these transactions had surged by an astounding 298% year-on-year, soaring from N34.04 trillion in Q1 2022 to an unprecedented N135.52 trillion in Q1 2023, according to data released by the Nigerian Interbank Settlement System (NIBSS).
Mrs. Onyeali-Ikpe warned that as technological advancements continue to reshape the digital landscape, society’s reliance on digital transactions has grown significantly. Yet, this surge in digital engagement has created a parallel rise in the threat of e-fraud, which poses a considerable challenge to individuals, businesses, and entire industries.
Notably, Mrs. Onyeali-Ikpe divulged that the banking industry had incurred a substantial loss of N14.3 billion to electronic fraud in 2022, representing an increase from the N12.7 billion reported in 2021. 
The first quarter of 2023 alone witnessed a fraud loss of N5 billion, as documented in the NIBSS Annual Fraud Landscape reports.
In her insightful address, Mrs. Onyeali-Ikpe revealed that mobile channels were the preferred avenues of exploitation for fraudsters, with 45,090 reported fraud records in 2022 and 42,821 in 2021. The cumulative fraud count for 2021 reached 123,918, and 101,668 for 2022, further underscoring the urgent need for vigilance and protective measures.
The Fidelity Bank CEO painted a sobering picture of the widespread impact of e-fraud, emphasizing that its ramifications stretch beyond mere financial losses. She elaborated that the erosion of trust and brand reputation stood as additional consequences, affecting industries spanning from banking and finance to e-commerce.
As the call to action reverberates through the financial sector, stakeholders are urged to collaborate closely to fortify their defenses against the persistent wave of e-fraud. Fidelity Bank’s Mrs. Onyeali-Ikpe’s passionate plea underscores the critical need for comprehensive strategies that encompass technology, education, and collaboration to safeguard Nigeria’s financial ecosystem.
25 comments
I got what you intend, appreciate it for putting up.Woh I am pleased to find this website through google.
I like the helpful info you supply in your articles. I’ll bookmark your blog and check again here frequently. I am rather certain I’ll be informed many new stuff right here! Good luck for the next!
Thank you for sharing with us, I conceive this website truly stands out : D.
I believe this web site has some very fantastic information for everyone : D.
What i do not realize is actually how you are not actually much more well-liked than you might be right now. You’re very intelligent. You realize thus significantly relating to this subject, produced me personally consider it from so many varied angles. Its like men and women aren’t fascinated unless it’s one thing to do with Lady gaga! Your own stuffs outstanding. Always maintain it up!
Puravive is a natural weight loss supplement and is said to be quite effective in supporting healthy weight loss.
I have been absent for a while, but now I remember why I used to love this website. Thank you, I will try and check back more frequently. How frequently you update your web site?
Unquestionably believe that which you stated. Your favorite justification appeared to be on the net the easiest thing to be aware of. I say to you, I definitely get annoyed while people think about worries that they just don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side-effects , people can take a signal. Will probably be back to get more. Thanks
I love your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do it for you? Plz reply as I’m looking to design my own blog and would like to know where u got this from. thanks a lot
I like what you guys are usually up too. This sort of clever work and reporting! Keep up the very good works guys I’ve you guys to my own blogroll.
Hello! I know this is kinda off topic but I was wondering which blog platform are you using for this website? I’m getting tired of WordPress because I’ve had issues with hackers and I’m looking at alternatives for another platform. I would be great if you could point me in the direction of a good platform.
Howdy just wanted to give you a quick heads up. The words in your article seem to be running off the screen in Ie. I’m not sure if this is a format issue or something to do with web browser compatibility but I figured I’d post to let you know. The design and style look great though! Hope you get the issue resolved soon. Thanks
hello!,I love your writing so a lot! share we be in contact extra approximately your post on AOL? I require an expert in this area to solve my problem. Maybe that is you! Looking ahead to look you.
Very interesting topic, thankyou for posting. “We need not think alike to love alike.” by Francis David.
What is Sugar Defender 24? Jeffrey Mitchell made the Sugar Defender 24. It is a product (Sugar Defender Diabetes) that helps your blood sugar health.
I think this site contains some real fantastic info for everyone : D.
Its fantastic as your other blog posts : D, thankyou for putting up.
Thanks for one’s marvelous posting! I certainly enjoyed reading it, you might be a great author.I will make certain to bookmark your blog and will eventually come back down the road. I want to encourage you continue your great writing, have a nice day!
There is evidently a lot to identify about this. I suppose you made some good points in features also.
Very interesting topic, regards for putting up.
What Is Neotonics? Neotonics is a skin and gut supplement made of 500 million units of probiotics and 9 potent natural ingredients to support optimal gut function and provide healthy skin.
What Is LeanBiome?LeanBiome is a natural weight loss supplement that reverses bacterial imbalance in your gut microbiome with the help of nine science-backed lean bacteria species with Greenselect Phytosome, a caffeine-free green tea extract crafted with patented
Hi, i read your blog from time to time and i own a similar one and i was just wondering if you get a lot of spam comments? If so how do you protect against it, any plugin or anything you can recommend? I get so much lately it’s driving me insane so any help is very much appreciated.
I feel this is one of the so much important information for me. And i am satisfied reading your article. But should commentary on some normal things, The web site style is perfect, the articles is in reality nice : D. Excellent job, cheers
I loved as much as you’ll receive carried out right here. The sketch is attractive, your authored subject matter stylish. nonetheless, you command get got an edginess over that you wish be delivering the following. unwell unquestionably come further formerly again since exactly the same nearly a lot often inside case you shield this increase.