INTERSWITCH CANVASSES INDUSTRY COALITION TO TACKLE FRAUD.

For effective tackling of campaigns and measures against payment cards and ATM fraud in Nigeria, Interswitch, the nation’s premier e-payment transaction company has urged industry’s stakeholders to come together under one umbrella to tackle this menace.

Mr. Mitchell Elegbe, Managing Director and Chief Executive Officer of the company, who made this call at a Fraud Management Strategy forum with banks’ chiefs, hosted by Interswitch, explained that the proposed body would have the Central Bank of Nigeria, all banks and the Economic & Financial Crimes Commission (EFCC) as members. The 24 banks were represented at this forum.

Elegbe explained that the proposed anti-fraud organisation would among other objectives; develop strategies for planning and managing regular anti-fraud initiatives that would focus on fraud investigation, analysis and mitigation. This would be achieved through collaborative efforts with law enforcement agents such as EFCC.

Top level representatives of banks present at this meeting embraced and applauded the proposition while stressing that only industry-wide coalition could effectively checkmate the threat on payment cards and ATM fraud in the country.

About a year ago, Interswitch and some of its member banks embarked on a multi-channel fraud awareness campaign programme and communication materials were deployed across radio, print (newspaper adverts) and outdoor (billboards) channels in strategic locations across the country.

This was followed up by another series of campaigns, solely sponsored by InterSwitch. The media campaign, which kicked off in April 2009, was communicated through creative delivery of radio jingles, on-air personality publicity (DJ hype), newspaper adverts and banner display on the Internet as well as short message services (SMS), warning card users not to disclose their personal identification number (PIN) to anyone.