Group Activates Plans To Tackle Fraud In Fintech Space

The umbrella body of fintech players in the country, the Fintech Association of Nigeria (FintechNGR) has unveiled plans to address the spate of fraud on digital payment channels.

This is even as the body has announced the identification of a robust framework for fraud reporting and risk mitigation.

This innovative approach addresses the foundational issue of thwarting malicious actors without compromising privacy and regulatory compliance.

FintechNGR plans to release the comprehensive framework along with its technical standards by January 2024.
The chairman of the CEO’s Committee, Uzoma Dozie, who disclosed this in a statement, highlighted the gravity of the situation, emphasising that failure to address these challenges could jeopardize the entire digital ecosystem that has garnered international recognition.

According to Dozie, the framework is aimed at combating fraud while respecting the privacy and regulatory concerns surrounding data centralization and reporting.

“We understand the delicate balance between safeguarding against fraudulent activities and respecting the privacy and regulatory frameworks that govern our industry. It’s not a trivial challenge, and the implications of missteps are significant.

“Following extensive consultations, the Committee is delighted to announce the identification of a robust framework for fraud reporting and risk mitigation.This innovative approach addresses the foundational issue of thwarting malicious actors without compromising privacy and regulatory compliance,” he pointed out.

This initiative has garnered strong support from numerous financial institutions fintech companies, and other related parties demonstrating a collective commitment to fortifying the security of the entire banking and fintech communities.