In a bid to combat fraudulent transactions within the banking industry, the Chartered Institute of Bankers of Nigeria (CIBN) has called upon the Central Bank of Nigeria (CBN) to implement robust policies and strengthen security measures.
Isaac Arokun, the Ogun State Chairman of CIBN, made this call during a debate organized for higher institutions in the state as part of the activities marking the Annual Bankers’ Week. Arokun emphasized the need for the CBN to take proactive steps in safeguarding the banking sector against fraudulent activities.
Speaking to newsmen, Arokun stated, “The CBN can bring a lot of policies that will ensure that it does not allow frivolous transactions in the banking industry. CBN should also engage in advocacy and public enlightenment to ensure that policies that are put in place are explained to the people for them to protect their funds in the bank.”
He further urged the CBN to play a more active role in educating the public about the implemented policies, emphasizing the importance of transparency and understanding in protecting the funds of bank customers.
Arokun stressed the significance of cyber security in the modern banking landscape and encouraged the CBN to motivate banks to implement robust policies to protect their websites and secure all transactions. The call for enhanced cyber security measures is crucial to prevent unauthorized access to personal information and ensure the overall safety of financial transactions within the banking sector.
The CIBN’s appeal comes at a time when the financial industry is witnessing an increase in cyber threats and fraudulent activities. By urging the CBN to take a proactive stance, the institute aims to fortify the resilience of the banking system and build confidence among customers.
As the banking industry continues to evolve, the collaboration between regulatory bodies and financial institutions becomes imperative to stay ahead of emerging threats and vulnerabilities. The CIBN’s call for the CBN to address these issues through effective policies and awareness campaigns reflects a commitment to fostering a secure and trustworthy banking environment in Nigeria.