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Banks Want CBN(Central Bank of Nigeria) to Establish Security Structure against Cyber Crime | Cyberops

Banks Want CBN(Central Bank of Nigeria) to Establish Security Structure against Cyber Crime

By Chandan Singh 0 Comment March 31, 2017

Main security officers of the banks in the country have urged the Central Bank of Nigeria (CBN), to establish an internal structure within the banking system to prevent cybercrime hackers from operating bank documents.

The Chief Security Officials (CSOs) of banks in the country agreed, in principle that the CBN should implement the anti-cyber crime policy in the banking sector as a means of curbing the activities of internet hackers apply the banks to perpetuating their illegal activities.

Their stance was one of the fallouts of a weeklong Nigerian Economic Sector Global Cyber Secureness Conference, which ended at the weekend at Transcorp Hotel, in Calabar, Get across River State.

Giving a summary at the end of the conference that had, mostly, Israelis and other foreign nationals as trainers, the Leader of the CSOs, Mr. Mike Okenye told journalists that the expected framework will anchor on the Biometric Verification Number (BVN).

“The idea is the simple fact when the framework comes out from the CBN, the BVN will become a major tool to fight fraudsters.

“Our suggestion from this conference is that it may become an instrument to kick hackers out of the savings system. So, those who defraud individuals in bank, and other customers of banks; when the investigation completely proves that they can be fraudsters, we believe the other legal consideration will be considered care of by that framework, ” Okoye said.

Okenye added: “Such structure should become a major instrument to kick those guys out of the banking system for some time, and they probably will be restricted from channel deal depending on what the framework will say. Nevertheless, the Chief Security Officials (CSOs) of banks are of the view that there is the requirement for that framework to be away to help combat cyber crime and fraud and this is essential. ”

He said the “BVN today is an important tool that will help the banks battle fraud. With the BVN you can identify a specific customer of a lender.

According to him, if a customer or an individual opens a bank account in a bank and determines to defraud others or commit fraud, like the cyber criminals today who open the account with different banks with intent to defraud, it would be very user-friendly the BVN to identify such hackers.

“Even when they want to open a new account, and once their BVN is discovered and perhaps they are blacklisted, if they go to the bank to open an account, they are going to know that this guy has committed fraud before and should not be allowed, ” he added.

This individual said a committee in the CBN is already working on modalities to end up with the framework, but stressed that the CSOs of banks during this cyber security session also re-emphasised the need to ensure that BVN becomes a major tool to also battle fraudsters in the bank and such fraudsters should not be allowed to continue to defraud people in the banking system.


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