By Agency Reporter

The Central Bank of Nigeria has directed commercial banks to report bank frauds to it monthly.

The Deputy Director, Banking Supervision Department, CBN, Mr. Kevin Ibedu, gave the directive in the March edition of “N-SACC News”, a publication of the Nigerian South African Chamber of Commerce, made available in Lagos on Tuesday.

Ibedu said that banks and other financial institutions should put mechanisms in place to guard against Internet frauds, which he said, were the major type of frauds in the banks.

“CBN requires banks to investigate cases of fraud and send in result of the investigation. We use it for corrective actions and to learn lessons,” he said.

The CBN official, however, advised banks not to make public few cases of fraud that were of inherent reputational risks and which were not good for business.

Ibedu said that the court of public opinion could often cause more harm than the court of law.

The CBN deputy director advised individuals and organisations against giving personal information online.

Source: Punch