CBN Calls for Enhanced Collaboration to Tackle Fraud

The Central Bank of Nigeria (CBN) has urged banks, telecommunications companies, technology providers, and law enforcement agencies to enhance collaboration to combat financial fraud. Omoyemen Jide-Samuel, the Director of Information Technology at the CBN, made this call during her keynote address at the second International Cybersecurity Conference in Abuja.

She emphasized that criminals exploit gaps in information sharing to move stolen funds across institutions. Jide-Samuel reported a significant reduction in digital payment fraud losses, which declined from N52.6 billion in 2024 to N25.85 billion in 2025, a decrease of approximately 51 percent.

Despite this reduction, she warned that remaining losses still impact businesses and consumer confidence in digital financial services. Jide-Samuel raised concerns about AI-powered fraud, particularly the use of synthetic identities, and urged financial institutions to independently verify sensitive payment instructions.

She advocated for clear procedures for handling suspicious transactions and stressed the importance of human oversight in AI systems.