NeFF – Tackling Threat of Blockchain Technology

NeFF – Tackling Threat of Blockchain Technology

Deputy Governor, Central Bank of Nigeria and Operations has been called on Electronic Fraud Forum, NeFF for addressing the threats of blockchain techn

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Deputy Governor, Central Bank of Nigeria and Operations has been called on Electronic Fraud Forum, NeFF for addressing the threats of blockchain technology. He made this call when he was speaking at year end dinner of Forum that was held at Lagos the previous week. He said that he had implored for working harder especially when it is about dealing with the technology of blockchain where the players are meant to learn either to swim or sink in the tide of the things that come in. The forum is not yet prepared to face the challenges that are there ahead as they are very easy, they need to exactly get this done even when they are bit tougher too before working on the same. The goal can be achieved only with so much of hardships as there is also some interest on the whole payments system as well as testing strength for resolving the same. This is the challenge which Forum need not be unwilling for postponing and the one as the industry need to win. The challenge that is associated with securing of Nigerian Payments System may be very daunting task for the ones who need to have much ease of the payments that may come to greater adoption as well as increased adoption. Lure associated with Cyber criminals also may convert that either as digital assets or as the resources. It can even be both that of their as it can become greater.

NeFF can be something to be proved as formidable stakeholder for securing the ecosystem, though it is unique as well as critically important for the role in creating platform with collaboration that is there amongst stakeholders in the Payments System. This is the opening address that the NeFF chairman Dip Fatokun in which he even listed agenda for forum that can be organized in 2017 including the Comprehensive industry Fraud Awareness Program and also workshop for prohibiting Cyber Crime Act.

Fatokun is the director, payment system department and also banking related with the CBN said that NeFF has started plans for organizing workshops that may highlight major challenges that can inherent prohibition of cyber crime and can effect over e-commerce and can even use the same for engaging attorney General at Federation & Office of national security advisor on reviewing various aspects that can have an impact on effective operationalization related with the act. Forum has also agreed for having cybercrime. Workshop is something that is going to reveal so many details related with cybercrime effectively.

It is also said most often in the meeting, to fight effectively against the fraud cannot be possible without any kind of robust awareness program. This is the awareness for the members who are in public and also for staff related with organization to easily operate on Payments space. It is very much important to consider that awareness program can start from 2017 and can help industry for reducing costs associated with fraud through increase in vigilance and also detection abilities.