SEASON OF SCAMMERS

The news that four people have been caught by the Nigerian Department of State Security (DSS) while planning to hack into inviting single treasury accounts with the Central Bank of Nigeria must have surprised many.
The four, said the DSS were planning to access the accounts and illegally transfer above N4bn for their benefit. The scheme was blown open before they could make their hit.
Yes it must have surprised many but those in the industry called electronic banking know that you don't place any decaying body anywhere without planning how to tackle flies. It is then a good thing that they were caught but mind you, they won't be the last to attempt it.
Above two trillion naira so publicly stashed in CBN vault will always attract more attempts.
Which is why it is gratifying that, according to 2014 annual report released this month, the Nigerian electronic Fraud Forum (NeFF) is taking its mission seriously.
NeFF was formed in 2011 to create enabling environment for sharing and exchange of knowledge on electronic fraud issues while serving as the industry's official body representing the industry on electronic fraud related issues.
Since then, says the 2014 report, NeFF has virtually finished laying the foundation for its effective role.
It has created an online presence for easy access to available information by members.
It has also established collaboration channel with the Economic and Financial Crimes Commission (EFCC) and it has also got members to sign Memorandum of Understanding (MOU) to guide its activities.
By 2014 schedule of meetings had been well established for the 47 organisations and 145 members of NeFF.
Between October 20 and 24 a tour was organised for members to understudy the operations of the South African Banking Risk Information Centre which had recorded some success in combating financial crimes in that country.
Of course, NeFF may have to move at a faster speed because hard times ironically represent season of scammers because every one wants to survive the tide by hook or crook.
It is also the season of scammers because Nigeria has since gone cashless with a population that knows little or nothing about the risk involved and banks can not be too open with news of successful hacking efforts since the whole industry rests on continued customers confidence.
The scammers are every where on social media opening accounts in the name of public figures; writing fake empowerment letters to unsuspecting public while the more sophisticated go for broke hacking into cashed stocked accounts.