CBN Urges Banks to Combat Fraud with 30-Minute Response Rule
The Central Bank of Nigeria (CBN) is pushing banks to enhance fraud reduction efforts and adhere to a 30-minute response time for suspicious transactions. At the Nigeria Electronic Fraud Forum (NEFF) event, CBN's Deputy Governor Philip Ikeazor emphasized the need for a data-driven fraud management system.
The Nigeria Inter-Bank Settlement System Plc (NIBSS) reported a 51% decline in fraud losses in 2025. The focus is on leveraging technology like ISO 20022 for real-time verification and engaging payment service providers for a more secure financial ecosystem.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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