In a proactive move to combat the rising incidents of fraud on digital payment channels, the Fintech Association of Nigeria (FintechNGR), the collective representative of fintech entities in the country, has revealed plans to address this challenge head-on. The association has announced the development of a robust framework for fraud reporting and risk mitigation, adopting an innovative approach that prioritizes security without compromising privacy and regulatory compliance.
FintechNGR is set to release the comprehensive framework along with its technical standards, slated for January 2024. Uzoma Dozie, Chairman of the CEO’s Committee, highlighted the critical nature of the situation, underlining the potential threat to the entire digital ecosystem, which has gained international recognition. Dozie emphasized that the framework aims to combat fraud effectively while maintaining a delicate balance with privacy and regulatory considerations associated with data centralization and reporting.
Understanding the complexity of the challenge, Dozie stated, “We understand the delicate balance between safeguarding against fraudulent activities and respecting the privacy and regulatory frameworks that govern our industry. It’s not a trivial challenge, and the implications of missteps are significant.” He further announced the identification of a robust framework for fraud reporting and risk mitigation, designed to thwart malicious actors without compromising on privacy and regulatory compliance.
This initiative has received substantial support from various financial institutions, fintech companies, and other stakeholders, showcasing a collective commitment to fortify the security measures within the entire banking and fintech communities. The Fintech Association of Nigeria’s proactive stance underscores its dedication to ensuring the resilience and integrity of digital payment channels in the country.
