Attention Beneficiary!
CBN Cyber Crime Protection Department <fr145913@gmail.com>
Reply-To:
Internetfraudcyberservice@cyberservices.comBcc:
Fri, 4 Feb at 05:23
CBN Cyber Crime Protection Department
Plot 33,Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone, Abuja,
Federal Capital Territory,
P.M.B. 0187, Garki Abuja.Nigeria.
E-mail:
Internetfraudcyberservice@cyberservices.comAttention Beneficiary!
This office examines the consumer/beneficiaries protection regime
under the Nigerian Cybercrimes Act with a view to assessing the extent
to which it protects beneficiaries from cybercrimes in the banking and
financial sector. It finds that the regime is not adequate as it does
not place sufficient obligations on banks and financial institutions
to safeguard the personal information of their customers/beneficiaries
from unauthorized access.
Additionally, the findings suggest the absence of an explicit regime
for determining liability for unauthorized payment transactions in
situations where a consumer’s/beneficiaries electronic banking or
payment information is compromised. The article also highlights
examples of legal regimes in Europe and the United States that could
be adopted in order to strengthen the consumer/beneficiaries
protection regime under the Act. Finally, some challenges impeding the
protection of consumers/beneficiaries from cybercrimes in the Nigerian
banking and financial sector are pointed out along with proposed
responses to address them.
The Nigerian banking and financial services sector comprises twenty
two major commercial deposit money banks, as well as special
investment banks and community banks, and non-bank financial
institutions. The sector is regulated by government institutions
including the Central Bank of Nigeria (CBN) and the Nigeria Deposit
Insurance Corporation (NDIC). In particular, the CBN is responsible
for regulating and supervising the commercial activities of banks and
financial institutions, and also has a consumer/beneficiaries
protection unit that manages complaints made by
consumers/beneficiaries against banks and financial institutions,
while the NDIC is responsible for insuring the deposit liabilities of
Nigerian banks and supervising insured banks. Aside from the CBN and
the NDIC, government agencies such as the Economic and Financial
Crimes Commission (EFCC) and the Consumer/beneficiaries Protection
Council (CPC) have mandates that apply in the banking and financial
sector. For example, the EFCC can investigate financial crimes such as
cybercrime in the banking and financial sector, while the CPC can take
measures to protect consumers/beneficiaries in the sector. Thus, in
light of the above regulatory landscape of the Nigerian banking and
financial sector, it can be discerned that there are multiple
government institutions and agencies whose powers and regulatory
mandates apply in different aspects of the sector.
the CBN launched the Payments System Vision 2021 to promote a wider
range of electronic payment services such as Point of Sale (PoS)
Terminals. In 2020, the CBN also issued the Industry Policy on Retail
Cash Collection and Lodgment (IITP/C/001), also known as the Cashless
Policy. The policy aims to enhance the development of a cashless
economy in Nigeria by reducing the high usage of cash for financial
transactions and promoting the use of electronic payment channels as
well as the financial inclusion of persons that do not utilize formal
banking channels, Following the implementation of the cashless policy,
the volume of transactions via electronic banking and payment channels
has increased by over 100 percent, Reports from Nigeria’s National
Bureau of Statistics indicate that there is an increasing adoption of
electronic banking and payment services by consumers/beneficiaries,
including ATM and PoS terminals, However, the overall acceptance of
these technologies among Nigerian consumers/beneficiaries is still
relatively low. For example, a survey conducted by the National Bureau
of Statistics found that despite a high ownership of debit cards, only
3.1 percent of consumers/beneficiaries preferred to use card/PoS and
bank transfer for the payment.
We discover a lot going on with your outstanding fund payment file
with some unauthorized officials contacting you ,and we have come into
this matter so that we monitor and track them down through our Cyber
Security Agency, your payment file is with this office to avoid
further fraudulent/cyber crime activities against you and further
direction's will be from this office until you receive your fund into
your account.
You are requested to reconfirmed your full details with a copy of
your ID to enable us punched your details into the system and advise
on further processing for your fund payment.
Yours In-Service.
Mr Abumere Igboa,
CCISONFI Chairman.