Nigerian Reps Panel Raises Alarm Over Cyber Fraud in Digital Payments

The Nigerian Reps Panel has sounded the alarm on the increasing cyber fraud in digital payments, uncovering loopholes in the financial system that pose security risks. The committee expressed worries about unlicensed cryptocurrency activities, unauthorized transactions, and poor customer compliance.

Concerns were raised about the storage of sensitive customer data on foreign servers by fintech companies, undermining national security efforts. The panel emphasized the need for legislative frameworks to strengthen the fintech sector and protect customer information.

Reports show a significant rise in financial channel fraud, with losses amounting to billions, prompting stricter measures against point of sale operators.