The Central Bank of Nigeria has called on banks and other financial institutions to respond faster to new electronic fraud threats, warning that criminals are becoming more sophisticated as Nigeria’s digital payments space expands.
The message was delivered in Lagos on Wednesday at the 2026 Nigeria Electronic Fraud Forum Technical Kick Off Session, which brought together regulators, banks, payment service providers, identity agencies and law enforcement bodies.
Speaking at the event, the CBN said fraud patterns now go beyond basic scams, with threats such as social engineering, SIM swap attacks, insider compromise and authorised push payment fraud putting growing pressure on payment platforms.
The apex bank urged industry players to adopt proactive, coordinated measures, including real time monitoring and shared intelligence, while working toward reducing response times to under 30 minutes.
The News Chronicle gathered that stakeholders at the forum linked the recent improvement in fraud outcomes to stronger collaboration across the financial system, even as transaction volumes continue to rise.
The CBN highlighted progress made through tighter authentication tools, upgraded card security, enhanced transaction monitoring, centralised reporting and the wider use of BVN and NIN for identity verification.
NIBSS also reported that electronic payment fraud losses dropped in 2025 despite increased activity on digital channels. However, internet banking and e commerce remain key risk areas, with insiders and social manipulation still driving many incidents.
Regulators and industry leaders say sustaining gains will depend on stronger reporting culture, improved KYC and device checks, and the rollout of AI powered monitoring tools alongside new national payment infrastructure.
