Banks lose Nt.tSb to fraud in Q2 EPOSIT mone), banks operating in tht' country lost Nl.15 billion to fraudsters in the second quarter of this year. The Chief Technica I Officer. Digital Encode, Seyi Akindeinde disclosed Ihis yeSlerday at the Nigeria Electr onic Fraud Forum (NeFF) o rg anised by the Centr a l Bank of Nigeria (CBN) In Lagos. tol e explained that internet and mobile banking constitute the most frequen t channels through which frauds are perpetrated . He said that in t ernal
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fraud constitu ted on ly nine per cent of the fraud cases but amounted to . • 900 million while external fraud consti tute d 91 per cent of the fraud cases, and amounted to N250 mil lion .
The Chief Executive Officer, United Bank for AIri c a (UBA) Phillips Oduoza, rer. resen ted by Mr. Femi 0 a loku, Execuliye Director, Operalions and Information Technology, said, he crea tion of the NeFF is rommendable and encouraged all
stakeholders to con tinue to support the body to enable It deliver on its man· date and serve the public good . He explained that fraud not only translates to operational risk losses t o banks it erodes the conCidenee of the public in e leeIronic platforms /syste ms as iI channel for transacting business. "Colla boralion 15 critica l among all stakeholders as the vouious parties come together 10 provide the platform for e lectron ic transaclions. Issuers, Acquirers, Swilchers a nd Processors all have to integrate to
provide service to the public: he said. He said thai ilS cuslomeTS demand more convenientl! and technology re sponds with innovation, new threats and fraud risks emerge that musl be contained . " If you are secure today, it does nOI imply you ilre secure lomorr ow il 5 new risks emerge continuously. It is important that we learn fr om other environments and if possible establish aHiliation wil h other global bodies/organi'Zations to understand global lrends and emerging threalS in e lectronic fraud,"" he said.
Treasury bills yield fall at auction as oil advances REASURY bill yie lds fell at an auction yesterday u offshore inyestors were said 10 buy the count~'s debt and oir, the nation s key export, advaneed. The Central Bank of Nigeria sold N76.78 billion of
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0114 per cmt. 5(} basis points lower than the 1,(.50 per cent at an auction 00 August 8 and N20 billion of 182-<li1v securities, with the yield ~ basis points lower at 15.(11 percm1. Bids totaled Nl36.9 billion. There is "a resumptioo of lorrign capital inflows amid a
:a~~d bil~I~:eS:~n~ Illl t~ :'~~~~~~ill;~: Bloornbug. Debt sold included N30.6 billion of91-day billsat a yield
and naira resilience. which are dnvmg yields lower in the pnmary and secondary mar-
kets..- SamiT Gadio, an emerging-markets stra tegist at Standard Bank Group ltd. in lnndon. said. Oil rose to a three-month hiE;h In New YOfk amid spec:utabOO that central banks m the United States of America and China will ease monelary policy to stimul ate grow th. erian benchmark: Bonny [j ,aud.jwnp<d 1.1 t ay and has surged 30 pel" cenl from its June low th is
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yea r. The nai~, which declined 0.1 percent OIl 15820 a dollar in Lagos, has risen 2.5 peT cent tflis yeu, making it the
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kwacha. The centra.! bank also sold N17.981 billionof91-day securities at a yield of 14 per cent and N8..2 billion of U12dl\y b ills al 15.08 per cent yield to non-competitive bidders, it said.
Barc1ays, ABSA in talks to combine African banking assets There's nocertainty the talks will lead to any deal. which
wouldn' t be completed UIltil 2013, the banks5ald in a statement to Bloombr:r2. TIle rombinatioo would aitect as.sets in Kenya. Botswana, Za mbia, Tanzania and Ghana.
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Barclays, based in London, boup,ht54 pt!f" cent of Absa in 2005"fOf $4,.5 billion to expand in
emerging markets.
Bardays's prelax profit from Africa, including the bank's holding in Absa: rose 13 per cent t051.4 billion in2011. The
Periodic risk assess ments and re -certification are necessary as nothing stays s lati c in the electronic world . Cashless Nigeria and the drive to migrate paymenl transacti o ns to electronic pla tform crea te great opportuni ty for the banking mdus· try and th e Nigerian economy but also come wllh the threat of electronic fraud, he said.
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HE Federal Institute of Industrial Re~arch , Oshodi (FIIRO) has disclosed th.t Nige ri an economy will reeei"e further boosl from the agricultura l sector, if cassava {Jour that received the Presidenlial approval is fully adopted,llle narion Sli\f\ds 10 save N6SbiUion annually. The institule that wu set up
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of the national economy through research and development, made this known yesterday through the DIrector-General /CEO of FURO, Dr. Gloria Elemo, dunng the launching of CIS-Trade for Peace, Unitr. and DeYelopment and, ~ oU sipg Ceremony by the lnsbtute with New Partnerstup for Ahica's Development (NEPAD)
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sa v e chanl ;e . She staled that the pro-;e >sing of cassa,'a would cre,lt~ job opportunities, while in an attempt to fulfill Its Im-ndate. FIIRO has oon· lintle.i 10 carry out R&D activ lies and transferred developed indigenous technokl@les to relevant organizations and individualS. especially the food sector of Ihe c<'O nomy Accord ing to Elemo, by IlIvaihbl e records and resea"C 1 reports. the Institute hl\! de"e!oped over 250 tee 11 ologies since inceptim , 1 nd fias abo ut 50 technol'f ies ready fo r immedia te c )mlno?rclalization.
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