According to VoguePay, the SMEs remain very crucial to growing the economy because of the enormous job potential they are capable of generating.Leke Ojikutu, co-Founder and Chief Technology Officer of VoguePayonline, said fraud has tendency to affect everyone who makes or accepts payments online; partly because it’s easier to steal anonymously and tracking down someone over the Internet and prosecuting them is difficult and almost impossible.
According to Ojikutu, identity theft is a vice of fraud that online payment platforms need to reduce to its barest minimum. He mentioned that reports from institutions like Nigeria Deposit Insurance Corporation (NDIC) and DataGroupIT is helpful in helping to quantify the impact of financial losses due to online fraud. DataGroupIT’s recent white paper indicated a severe impact of USD 391 million lost to online fraud in Nigeria each year.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now