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Central Bank of Nigeria Introduces Panic Alert to Fight Cyber Attacks in the Digital Space.

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Last updated on September 11th, 2020 at 10:35 pm

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There is an increase in crypto scam and other cyber crimes in Nigeria. Lose of funds through cyber attacks and cryptocurrency platforms steadily grow, leading to the introduction of Panic Alert. 

After the introduction of Siban Scam Alert by Siban to fight crypto scam in Nigeria, the Panic Alert was created to help the Nigeria government fight cyber crimes like crypto scams in Nigeria.

Governor, CBN, Mr Godwin Emefiele disclosed the new developmemt during a press briefing at the end of the 11th annual Bankers Committee retreat held in Ogere, Ogun State.

The Committee, after the briefing agreed to put in place measures such as a Panic Alert. This will help to protect both the deposit money banks and the depositor’s funds that are in the custody of the deposit money banks. 

The panic alert will help send signal to the deposit banks of possible fraudalent alerts which will help in protecting customer funds. In the same way, siban scam alert will be receiving reports via email to scrutinize reports on suspicious crypto scams.

The governor, Central Bank of Nigeria, Emefiele said that the Committee noticied that it’s effort to control and manage cyber risks have yield less results. More money is still been lost to cyber attacks to the bank customers and the customers themselves.

In other to fight cyber attacks to the minimal level, CBN is developing Cybersecurity centers in the country. These centers will help to checkmate cyber attacks specifically on the banking sector and reduce it to the minimal level.

“On our part in CBN we are looking at investing in a security operations centre that will act as a gateway not only for banks.  It’s like you have a baby, and somebody is about to attack that baby. As a parent, you see to it that you abort or nip in the bud that attacks in order to protect the child from being attacked by an intruder.”

There were previous reports of cyber attacks like the satowallet hack which saw the loss of customers’ money to the cyber attack. Some other notable cyber crimes includes crypto scams like the popular Bitclub ponzi scheme and Dumascoin.

In our last two weeks “weekly crypto overview”, we saw the increase in measures been put in place to help fight crypto scams. 

Some notable measures includes, the new certification badge for payment gateway processors in Nigeria by Chartered Institute of Bankers of Nigeria (cibn). And also, the siban scam alert introduced to fight crypto scam in Nigeria by Siban.

So far, satowallet hack and crypstone scam reports has been reported for scrutiny by the public to Siban.

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