Flutterwave Head of Risk, Africa, emmanuel efenure, has said that fintech companies and banks are in the business of building trust as they create financial solutions that enable payments. He added that creating a successful payment ecosystem that protects consumers and allows businesses to prosper requires all stakeholders, including regulators, working together to strengthen consumer trust.
Emmanuel said this while participating as a panelist at the annual conference of the Committee of E-Commerce Industry Heads (CeBIH) with the conference theme “Leveraging ecosystem synergy to combat fraud.” Other panelists at the panel session included Niyi Toluwalope, CEO of eTranzact, ably represented by Head of Risk and Information Management, Edward Onyenweaku; and Griffith Ehebha, executive vice president of risk and information security at Interswitch Group. The roundtable focused on “The Fintech Ecosystem: Perspective on Fraud”. The keynote speaker for the session was Dr. Peter Obadare, Co-Founder and Visionary Director of Digital Encode.
Formed in 2008, CeBIH seeks to achieve the primary objective of promoting e-banking services in line with global practices by serving as a forum for Heads of e-Business/e-Payments at Nigerian money depository banks to share ideas. and experiences. With Flutterwave as a premium sponsor, this year’s event shows the company’s renewed commitment to creating a secure digital payment ecosystem for all Nigerians.
Moderator Ajibade Laolu-Adewale, CeBIH Secretary for Payments and Emerging Technologies, opened the panel discussion by emphasizing the importance of stakeholder management as a vital tool in combating and reducing fraud in all its forms.
Emmanuel noted that the keynote addresses and comments delivered prior to the panel session re-emphasized that no one or no company is immune from fraud. He said: “Fraud is real, and the industry needs to understand it. The reality is that regardless of whether you are a bank or a fintech, you are not immune. The 238% increase in cyberattacks in the global financial sector in 2020 is a vivid reminder.” He also added that N3.5 billion was lost between July and September 2020 due to fraud-related incidents by financial institutions in Nigeria, according to NIBSS data.
Commenting, Griffith Ehebha said: “Innovative efforts to make payments faster, easier and more accessible for all have led to the rise of Fintech. It’s a very vital experiment that makes a significant difference in the way we pay and get paid. However, there are significant risks involved; scammers are always looking for loopholes to defraud people around the world.” Building on Griffith’s comments, Edward Onyenweaku opined that the onus therefore falls on all financial institutions and regulators to sensitize people to the do’s and don’ts of electronic payments and continually innovate. to make the ecosystem more fraud proof.
The panelists agreed that with regulators working well to combat fraud, it is imperative that all members of the ecosystem, including consumers, play their part in rooting out fraud. Dr. Peter Obadare added that “banks (and fintech companies) need to critically look at and revamp their fraud management system with a focus on four main areas: Architecture, Design, Implementation and Operation. They must also break their tendencies to favor an individualistic approach to combating fraud.” He believes that working in silos is not conducive to the ecosystem’s battle against cybercriminals who work more like a syndicate.
…Customer trust is at the core of a successful payment ecosystem, Flutterwave’s head of risk, Africa Read more at… Naijaonpoint.