In a recent industry forum in Lagos, stakeholders from the financial services sector have called for the integration of advanced technologies, particularly artificial intelligence (AI), to combat the escalating threat of cybercrime in digital banking.
The forum, themed "Cybercrime: Enhancing Consumer Trust and Security with Artificial Intelligence," brought together industry leaders to discuss innovative solutions for safeguarding digital banking consumers.
Celestina Appeal, Chairman of the Committee of e-Business Industry Heads, highlighted the alarming rate of fraud in the industry, emphasizing the need for AI adoption to detect fraudulent transactions in real-time and enhance customer security and trust.
Appeal expressed concerns about the erosion of customer trust and the compromise of transaction safety, which pose a significant threat to the growth of the digital economy.
Cybercriminals have become increasingly sophisticated, causing financial losses of $500 million annually, according to the Nigerian Senate.
In August 2020, transactions worth N32.3 trillion were performed electronically, with a volume of 448 million transactions, marking a 10.6% increase from the previous month.
The Nigerian Communications Commission has issued security alerts to warn Nigerians about the dangers of cybercrime, and the Federal Government has amended the Cybercrime (Prohibition and Prevention) Act to address cybercriminals' exploitation of Nigeria's online environment.
Amit Mehta, Vice President of Cybersecurity Consulting Practice Lead at Mastercard, emphasized the importance of AI in resolving key issues in digital banking, such as generating automated responses for the customer experience.
Obi Ebuka, CEO of Autogon AI, highlighted the potential of advanced technologies to revolutionize cybersecurity by enabling real-time threat detection and adaptive security measures.
The Lagos State Consumer Protection Agency's General Manager, Afolabi Solebo, highlighted the growing complexity of cyber threats and called for innovative solutions to boost consumer confidence in online banking.
Solebo emphasized the importance of integrating advanced technologies to ensure that every Nigerian can confidently bank online, knowing their data is secure.
As digital banking expands, industry leaders are committed to championing the responsible and effective use of advanced technologies to create a safer and more dependable digital environment for consumers.
