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Monday, November 19, 2018

Risk of cyber threats and fraudulent activities heightened by the emergence of Fintechs in the financial industry

CIBN President, Dr. Uche Olowu, made this call while delivering the keynote address at the Industry Round Table for Information Security Stakeholders of Banks in Nigeria held in Lagos.


Speaking on measures to tackle the risk of cyber threats and fraudulent activities heightened by the emergence of Fintechs in the financial industry, he said: “Regulation is key to the Fintech ecosystem as it would ensure that the full range of benefits available from the digitisation of the economy especially the financial sector are safely harnessed while minimizing the attendant risks.


“It is worthy of note that the Federal Government has put in place several measures to deter the activities of cyber criminals. Initiatives such as the Risk Based Cyber Security Framework released in June, 2018 very are commendable.


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