CBN Raises Alarm Over Banking Fraud Trends Amid Digital Payment Surge

The Central Bank of Nigeria (CBN) has expressed worry over the increasing fraud risks in the banking payment sector as digital payments grow in Nigeria. During the 2026 Electronic Fraud Forum organized by NEFF, Philip Ikeazor, CBN's Deputy Governor, emphasized the need for enhanced safety and resilience in Nigeria's payment system.

The event highlighted the importance of industry-wide cooperation to combat fraud losses, with a focus on implementing advanced security measures and real-time data analytics. Rakiya Yusuf, CBN's Director of Payment System Supervision, stressed the necessity for sustained collaboration among regulatory bodies, financial institutions, and law enforcement agencies to address emerging threats effectively.