Experts Raise Fresh Concerns about Cyber Fraud Targeting Bank Accounts; What Nigerians Must Know
- Experts have called for urgent action on emerging technology and governance risks
- Banking stakeholders highlighted cybersecurity as the most pressing risk facing banks
- Also, auditors were advised to adopt more strategic and technology-driven roles
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Stakeholders in Nigeria’s banking sector have called for stronger adaptation to emerging technology and governance risks, following discussions at the 2026 Annual Retreat, Conference, and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Lagos.
According to a statement issued by the association on Wednesday, the two-day event brought together chief audit executives, regulators, and industry experts to deliberate on the theme, “Navigating Future Technology and Governance Risks in the Nigerian Financial Sector.”
Source: UGC
Technology reshaping banking operations
In her welcome address, ACAEBIN Chairperson Aina Amah described the conference theme as timely, noting that technology has moved beyond a support role to become central to banking operations, risk management, and customer experience.
She explained that innovations such as artificial intelligence, cloud computing, and fintech partnerships are transforming the financial landscape, while also introducing more complex risks that require proactive and strategic audit responses.
Call for stronger collaboration
Amah emphasised the importance of collaboration among regulators, including the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, as well as boards and audit professionals, to strengthen trust and resilience in the financial system.
She noted that a coordinated approach would help institutions better manage evolving risks and maintain stability across the sector.
Rising cyber threats highlighted
During an interview session at the conference, Amah identified increasing cyber threats as the most pressing technology-related risk facing banks. She warned that failure to address system vulnerabilities could expose institutions to attacks capable of undermining technological progress.
She also advised emerging auditors to take on more strategic roles within their organisations by participating early in decision-making processes, especially in areas involving technology deployment.
Speaking on Environmental, Social, and Governance (ESG) issues, Ibukun Beecroft, Partner at Deloitte West Africa, said global environmental and ethical concerns are increasing pressure on financial institutions to be more accountable.
She stated that sustainable practices and ethical partnerships are now essential for long-term profitability and institutional stability.
Key discussions at the conference
The conference featured six technical sessions focusing on major risk and governance issues within the banking sector. Topics discussed included integrating ESG into audit frameworks, strengthening internal audit functions, addressing macroeconomic challenges, and tackling cybersecurity and digital fraud.
Panel sessions also explored the relationship between innovation and risk management, with experts highlighting the growing complexity of auditing in a digital financial environment.
Participants noted that as banks rely more on digital platforms and third-party integrations, internal auditors must expand their responsibilities to include real-time monitoring, predictive risk analysis, and closer collaboration with technology teams.
Speakers further stressed that cybersecurity requires sustained attention, urging financial institutions to adopt stronger measures to defend against evolving threats.
Source: Getty Images
Fraud: CBN directs banks to monitor BVNs
Legit.ng earlier reported that the CBN has given a new directive to banks and financial institutions to closely monitor Bank Verification Numbers (BVNs) connected to suspected fraudulent activities.
Under the new rule, financial institutions must establish and maintain a temporary watchlist for BVNs linked to suspicious transactions reported within the banking system, effective from May 1, 2026.
The CBN's new directive was seen as part of the apex bank’s broader effort to strengthen financial system security and clamp down on rising cases of electronic fraud in Nigeria’s bank sector.
Source: Legit.ng
