CBN and EFCC Urged to Combat AI-Enabled Fraud

Joshua Olugbenga Fatogun, a financial crime expert, has called for the establishment of a coordinated national framework involving the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), cybersecurity agencies, telecom operators, and law enforcement to address the growing threat of AI-driven fraud in Nigeria. Fatogun's recommendations come amid concerns over the rapid advancement of artificial intelligence, which has made Nigerian banks and the fintech sector increasingly vulnerable to sophisticated fraud schemes.

He urged the introduction of mandatory AI governance standards for banks and fintech companies, including stress tests against deepfake attacks. Fatogun noted that fraud has evolved from being purely human-driven to machine-assisted, allowing a single fraudster to execute attacks that previously required organized syndicates.

He emphasized the need for stronger employee vetting processes, improved access control, and enhanced forensic audit practices to mitigate risks associated with cyber-enabled fraud.