Cyber crime affects e-commerce adoption

August 4, 2016 11:34 am19 comments


ABUJA, (CAJ News) – FIRST Bank of Nigeria (FBN) has urged stakeholders to work together to address cyber security challenges in the country.

FBN bank noted despite the prevailing macro challenges, e-channel platforms (internet banking and mobile banking) have experienced significant growth in Nigeria.

The adoption of e-payment channels as well as the rapid evolution of the e-channel ecosystem increases the incidence of electronic fraud, the financial firm pointed out.

The latest annual Electronic Fraud Forum (NeFF) Report from the Central Bank of Nigeria revealed a sharp increase in phishing attacks last year.

The rate of e-fraud in terms of value reduced by 63 percent in 2015, partly due to the introduction of bank verification numbers (BVN).

However, the volume increased significantly by over 500 percent compared with 2014.

FBN said similarly, data released recently by Nigeria Information Technology Development Agency (NITDA) suggest that there were 3 500 cyber-attacks with 70 percent success rate and a loss of US$ 450 million in 2015.

The bank noted cyber criminals employed several techniques to perpetrate e-fraud such as data theft, email spoofing and phishing just to mention a few.

It highlighted e -channel platforms played a vital role in shaping developing economies.

For the government, it encourages improved transparency. For consumers, it is more convenient and often times relatively cheaper, thus leading to increased business activity and higher purchases for companies.

“Cyber security needs to remain a priority for all stakeholders in order to encourage continued patronage of this platform,” FBN noted.

CAJ News


Leave a Reply