Financial experts have urged for innovative solutions to counter the escalating threat of cyberattacks, aiming to bolster confidence in banking transactions. This call to action was articulated during the 2024 Quarter II Industry Forum organized by the Committee of E-Business Industry Heads (CeBIH), themed “Cybercrime: Enhancing Consumer Trust and Security with Artificial Intelligence.”
Amidst growing concerns over cyber threats, including estimates from the International Monetary Fund (IMF) citing $12 billion lost over two decades and Nigerian banks reporting N10 billion lost in the first quarter of 2023 as per Mastercard, experts emphasized the critical need for robust cybersecurity measures.
Afolabi Solebo, General Manager of the Lagos State Consumer Protection Agency (LASCOPA), stated the sophistication of cyber threats and stressed the imperative for innovative strategies to safeguard consumer confidence in banking transactions.
Mrs. Celestina Appeal, Chairman of CeBIH, affirmed the forum’s role in convening industry leaders to address critical issues impacting the electronic banking sector. She emphasized the forum’s commitment to enhancing safety in digital payment systems, both online and offline, through proactive industry collaboration and strategic discussions.
Source: Daily Trust