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Transcript/ScriptUSAGM SHARE
((PLAYBOOK SLUG: NIGERIA E-FRAUD - Emeka
HEADLINE: Nigeria Banks Add E-Fraud to List of Woes
TEASER: Threats of electronic fraud, or e-fraud, in Nigeria is leading to financial exclusion, as vulnerable people face heightened barriers to safe and accessible financial services
PUBLISHED AT:
BYLINE: Gibson Emeka
CONTRIBUTOR:
DATELINE: ABUJA, NIGERIA
VIDEOGRAPHER: Gibson Emeka
VIDEO EDITOR:
SCRIPT EDITORS: KEnochs; Reifenrath
VIDEO SOURCE(S): VOA Original
PLATFORMS: WEB __ TV X RADIO X
TRT: 3:23
VID APPROVED BY: KE
TYPE: TVPKG/RADIO
EDITOR NOTES:
((INTRO))
[[According to the World Bank, in 2022, 64 million people in Nigeria did not have an account with a bank or other reputable financial institution. But those who do are falling prey to electronic bank fraud, or e-fraud. Gibson Emeka has this report from Abuja, Nigeria, narrated by Salem Solomon.]]
((NARRATOR))
One weekend, Modester Oluchukwu’s debit card got stuck in an ATM. By the time she returned to her bank during office hours to retrieve her card, her account had been cleared of $750 dollars.
Oluchukwu says the bank tells her the fraud is still being investigated. And she still has not gotten her money back.
((Modester Oluchukwu, Entrepreneur)) ((Female, in English))
“I narrated everything to them. They even opened their CCTV, watching everything. They saw me when I came inside the bank. I even called the police at the end of the day, nothing happened. I wrote a letter."
((NARRATOR))
Although the incident happened in 2017, Oluchukwu has not given up. Her lawyer Ebhodaghe Francis says due to the length of time, it might be difficult to recover her money.
((Ebhodaghe Francis, Oluchukwu’s Lawyer)) ((Male, in English)) ((Mandatory cg: ZOOM))
“When things like this happen, we advise victims to reach out to a lawyer immediately so that once that is done, we, as lawyers know who to reach out to, like write to the banks immediately, freezing the account, then reach out to the authorities.”
((NARRATOR))
Electronic bank fraud is becoming more prevalent in Nigeria according to the Nigeria Electronic Fraud Forum, a Nigeria’s Bankers’ Committee initiative that aims to tackle e-channel security challenges.
The banking sector has already incurred losses of over $12 million in 2023 alone to fraudulent digital and unlicensed transactions, according to the initiative.
Cybersecurity analyst Benard Okpe points out one area of weakness.
((Benard Okpe, Cybersecurity Analyst)) ((Male, in English)) ((ZOOM))
“Some of these platforms, their security measures are not strong enough.”
((NARRATOR))
Consumers are also losing money through ATM fraud, online swindles, fraudulent emails, and telecom services that help users check balances.
And Nigerian banks are dealing not only with increasingly sophisticated fraud but also with loss of experienced personnel, says financial expert Emmanuel Agboloko.
((Emmanuel Agboloko, Financial Expert)) ((Male, in English))
“Many of the banking staff that were well trained left the banking sector in Nigeria for greener pastures in Canada and Europe, because the reward system there is far better...”
((NARRATOR))
According to the World Bank, 64 million people in Nigeria were unbanked in 2022, despite the Nigerian government's push, since 2019, of a cashless policy to get more people into the financial system.
Okpe says electronic fraud is discouraging more people from opening a bank account and worries that many people avoid going digital or avoid using technology to exhange money.
((Benard Okpe, Cybersecurity Analyst)) ((Male, in English)) ((Mandatory cg: ZOOM))
“Banking fraud can indeed slow down this adoption for several reasons. One, it has to do with loss of trust … lack of security confidence … there are some customers that have experienced this and there is nothing you will tell them that they will go back.”
((NARRATOR))
Experts say that people can protect themselves against e-fraud by securing electronic devices, avoiding public Wi-Fi for financial transactions, regularly monitoring bank accounts, setting strong and unique passwords, and enabling two-factor authentication wherever possible.
((For Gibson Emeka in Abuja, Nigeria, Salem Solomon, VOA News.))
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