Fintechs Introduce New Framework to Combat Increasing Fraud
Country’s fintech sector is gearing up to combat the surge in electronic payment fraud with the impending launch of a comprehensive framework.
The FinTech Association of Nigeria’s CEO Committee, led by Chairman Uzoma Dozie, aims to enhance fraud reporting and risk mitigation.
Read Also:
Set to debut in January, the framework emphasizes preserving the nation’s digital infrastructure’s integrity while navigating the intricate balance between thwarting malicious activities and upholding privacy and regulatory compliance.
The initiative, supported by various financial institutions and fintech companies, marks a significant step in fortifying the security of Nigeria’s digital financial landscape amid a 44.84% YoY growth in cashless transactions to N126.73tn in Q1 2023.
Electronic payment fraud cases, notably on computer/web, mobile, and Point of Sales channels, have surged, prompting concerted efforts to address this challenge and sustain trust in the evolving financial landscape.
