The Chartered Institute of Bankers of Nigeria (CIBN) has recommended that the Central Bank of Nigeria enact policies to efficiently combat fraudulent transactions in the banking sector.
The institute also called on financial institutions to prioritize cybersecurity measures to secure their websites and safeguard customer information.
Isaac Arokun, the Chairman of CIBN in Ogun State, made this plea on Wednesday during a debate organized for higher institutions in the state as part of the Annual Bankers’ Week activities.
Participating institutions included Federal Polytechnic, Ilaro; DS Adegbenro Polytechnic, Itori; Abraham Adesanya Polytechnic, Ijebu Igbo; Obafemi Awolowo University, Ago Iwoye; Federal University of Agriculture, Abeokuta; and Gateway Polytechnic, Sapade.
In an interview with the press during the event, the Chairman emphasized that the CBN, as the regulatory body, should formulate policies to prevent unauthorized access and fraudulent activities. Arokun argued that with most fraud in the banking sector now being electronic, additional cybersecurity measures are essential to prevent such acts and discourage the prevalence of frivolous transactions.
To effectively address cyber threats, Arokun also urged banks to establish resilient and proactive cybersecurity policies.
He said, “The CBN can bring a lot of policies that will ensure that it does not allow frivolous transactions in the banking industry. CBN should also engage in advocacy and public enlightenment to ensure that policies that are put in place are explained to the people for them to protect their funds in the bank.
“They should also encourage banks to bring policies on cyber security so that they can protect their website and all the transactions passing through the banks should be secured to ensure that intruders are not invading personal information.”
The Federal Polytechnic Ilaro emerged as the top contender in the debate competition which focused on combating fraud in the banking industry.
Addressing participants earlier at the programme, Arokun said, “CBIN is very much interested in nurturing and developing the younger generation. I see in you the great men of tomorrow. Because of the advantage of your age, you have a tremendous opportunity to place your name on the world map.
“As you all know, the entire global economy is about going into the first industrial revolution and this time around, the first industrial revolution will be won by those with knowledge, that is those that can drive their economy with AI machines learning and other modern skills.
“So what I’m telling you is that the future is bright for you. Nigeria is already on the world map and so strives to become global champions. By the year 2050 Nigeria will be the most populous economy in the world and so we have the demographic advantage to become a global giant and that can only be done by you.”