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‘Banks Must Invest in Big Data to Curb Electronic Fraud’

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  • ‘Banks Must Invest in Big Data to Curb Electronic Fraud’

Worried about the huge financial losses to electronic fraud in the Nigerian financial market space, which stood at N2.1 billion as at 2016, experts at the eight annual payment system and fraud conference, have called on Nigerian banks to invest in big data analytics in order to address the problem.

The conference, with the theme: “Leveraging Big Data Analytics in Combating Payment Fraud,” was organised by Electronic Payment Providers Association of Nigeria (E-PPAN) in Lagos on Tuesday.

The forum, which projected that the financial losses to electronic fraud would hit N6 trillion by 2021, if not nipped in the bud, advised that the best way out of the challenge was for banks to invest in technology solution like the big data analytics, which offers realtime detection of electronic fraud, before it occurs.

The Country Managing Director, Accenture Nigeria, Mr. Niyi Yusuf, who spoke at the forum, said about N237billion would be at risk, if adequate measures were not taken to address electronic fraud in the country, since the rate of financial fraud is on the increase, with 20 per cent of financial fraud, carried out across counters, while 80 per cent fraud is carried out among various electronic channels provided by the banks for customers’ convenience.

Yusuf said although the banks and the financial regulator, the Central Bank of Nigeria (CBN) have put certain measures in place to address the issue, such as the introduction of separation of duties, and the introduction of Bank Verification Number (BVN), coupled with the introduction of Cybercrime Law that was passed by the federal government in 2015, he however said that such measures were not enough, given the advanced technology methods, with which the fraudsters defraud the banks and their customers.

He joined other speakers at the forum to advise the banks to invest in the technology of big data analytics, which would allow the banks to monitor the behavioral pattern of genuine bank account owners, in order to checkmate fraud before it occurs.

Aside investing in the technology of big data analytics, Yusuf also urged the banks to continually upgrade the skills set of their staff, in line with global technology trend.

Chairman, CeBIH, Mr. Dele Adeyinka, said Nigeria currently has over 30 million BVN card holders, recording over 4.6 trillion transactions with their Automated Teller Machine (ATM) cards, and about 40 trillion transactions annually, using other channels of transactions, pointing out that such transactions needed to be protected from being hacked by fraudsters.

Big Data Analyst, Cloud Computing Expert and IT Consultant to Dell-EMC, Mr. Ositadimma Ugwu, said the fraudsters have become sophisticated in their approach, and could come from different electronic channels to perpetrate their acts, insisting that big data analytics is the sure way to address the high level financial fraud in the Nigerian financial space.

On his part, the Chief Executive of Inlaks Computers, Mr. Femi Adeoti, explained that bank customers were fast moving from physical space to virtual space, while carrying out several online financial transactions, which he said must be protected with robust technology solution like the big data analytics.

The Inspector General of Police, Ibrahim Idris, who was represented by a Deputy Inspector General, said the Police is out to arrest and prosecute electronic fraudsters, and warned those involved in such act to desist or risk being arrested and prosecuted according to law.

Experts at the forum agreed that in order to mitigate electronic fraud and its resultant damage on an organisation’s image and consumer confidence, regulators and stakeholders in the industry must formulate and brace up to new and proactive approach of fighting fraud, using big data analytics capabilities.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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