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CBN Policies Reduce e-Fraud Success Rate Amid Increase in Online Transactions

Nigeria’s burgeoning electronic payment industry is gradually getting some relief from the encumbrance of fraudulent attacks as recent times have seen lower success rates in such activities committed online. Although the global online fraud report by iovation in 2012 ranked Nigeria at the top of the list for cybercrime activities, recent data from the Nigeria Inter-Bank Settlement System (NIBSS) on its fraud landscape report, shows the decline of e-fraud success in the country.

IRS Slowing Tax Refunds to Fight Fraud as Scams Surge

The Internal Revenue Service is taking up to 21 days to review tax returns, according to research from fraud prevention vendor iovation, a clear sign that Uncle Sam has stepped up antifraud measures. Even so, tax return scams that pivot off stolen identity data continue to rise for the third consecutive tax season. The latest twist: Tax scammers are increasingly targeting vulnerable populations—low income, children, seniors and homeless—as well as prisoners, overseas military personnel and the deceased, according to an FBI alert.

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