Digital security tools and stronger cybersecurity measures are essential to preventing fraud as financial transactions increasingly move to digital platforms, a Nigeria Inter-Bank Settlement System official has said.
The official said the growing sophistication of financial fraud and the increasing use of social engineering in digital transactions require financial institutions and customers to adopt stronger security measures.
NIBSS has continued to promote measures such as biometric authentication, multi factor authentication, transaction monitoring, alerts and advanced fraud detection systems as part of efforts to protect digital payment users.
The payment infrastructure company has also developed systems designed to identify and flag high risk transactions in real time, while strengthening monitoring across Nigeria’s digital payment ecosystem.
NIBSS has urged financial institutions to regularly audit their systems, improve access controls and monitor suspicious activities. Customers have also been advised to protect personal information and report suspicious messages, emails and calls to their financial institutions.
The organisation’s focus on fraud prevention comes amid the rapid growth of electronic payments in Nigeria, making digital security an increasingly important part of protecting consumers and financial institutions.
Leave a comment