Nigeria still loses about N4 billion annually to electronic fraud which is why stakeholders in the payment and banking sector are converging next month to discuss ways forward to stop the loss.

TechCity has gathered that the Central Bank of Nigeria (CBN) and other key stakeholders in the payment sector will, next month, converge on Lagos at the annual Payment Systems and Fraud Conference discuss on how to tackle cases of electronic fraud (e-fraud) in the country.

The conference, being organised by the Electronic Payment Providers Association of Nigeria (E-PPAN) with the theme: ‘E-Payment Fraud: People, Process and Technology’ is slated for November 8, 2016 at the Civic Centre, Victoria Island, Lagos.

Regha Onajite, chief executive officer, E-PPAN, said the conference has been designed to be a veritable rallying ground for the financial industry to deliberate on payment systems and fraud knowledge in West Africa.

“This event will bring together senior level officers of the fintech sector, banking, regulatory bodies and public officers. Our core focus on this years’ edition is to tackle fraud in a proactive and top-down approach that involves people, process and technology. This will help create effective combats against the activities of the e-payment fraudsters in Nigeria,” she said.

She noted that the conference will address the challenges posed by people’s laxity in divulging and compromising organisation information system to fraudsters.

“It will also re-appraise, reconnect and tackle the processes that compromised the entire system of e-payment hemisphere in Nigeria, and fashion out how organisations can invest in and deploy the right technologies to enable the industry be a step ahead of these criminals,” she said.

Onajite added that E-PPAN partners at this year’s event, apart from the CBN, include the Nigerian Electronic Fraud Forum (Neff), Committee of –Banking Head (CeBIH), Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN), Information Security Society of Nigeria (ISSAN) and the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), among others.