January 22, (THEWILL) — The Central Bank of Nigeria (CBN) has directed deposit money banks to strengthen and accelerate their response to emerging fraud risks, warning that delays in detection and reporting could undermine confidence in the financial system.
In a circular to banks, the apex bank said rising incidents of electronic fraud, social engineering attacks, and insider-related breaches require faster internal controls, real-time monitoring, and stronger customer protection measures.
The CBN stressed that fraud patterns are becoming more sophisticated, particularly across digital banking channels, mobile platforms, and instant payment systems.
The regulator urged banks to enhance collaboration with payment service providers, fintech firms, and law enforcement agencies to improve information sharing and speed up response times when suspicious transactions occur.
It also emphasised the need for continuous staff training and regular system audits to close operational and technological gaps exploited by fraudsters.
The directive comes amid growing volumes of electronic transactions in Nigeria, driven by increased adoption of mobile banking, point-of-sale terminals, and instant transfers.
While digital payments have improved financial inclusion, they have also expanded the attack surface for cybercriminals.
The CBN warned that banks found negligent in implementing effective anti-fraud frameworks could face regulatory sanctions, adding that protecting customer funds remains a core supervisory priority.
Ogochukwu Onwaeze
