Financial Fraudsters – NIMC and NIBSS Are Coming. Developing Web Based Identity Verification and Authentication Services To Combat Fraud

Financial Fraudsters – NIMC and NIBSS Are Coming. Developing Web Based Identity Verification and Authentication Services To Combat Fraud

Nigerians poisoned Internet and made it a place where many people do not have confidence to do business. It is so bad that some businessmen in the nation do not believe any email document. They have been ripped off by the old Yahoo boys. One just hopes that the mobile ecosystem will not be destroyed the same way.

 

Financial fraud has also gone up. Many young men want to make it very quick and early. Patience is no more desired as the rich syndrome is a plague.  To overcome this problem of fraud and mitigate the impacts in the international arena where it denigrates the image of the nation, National Identity Management Commission (NIMC) and Nigerian Interbank Settlement System (NIBSS) are partnering. They want to use their web based identity verification and authentication services to stop financial fraud.

 

This is an ongoing project and when it is completed, it will be possible to ensure that financial fraud is prevented through good verification and authentication mechanism. The system will look for fraud and ensure that money laundering is averted. Of course, the bad guys will be apprehended.

 

More About NIMC

Identity as a concept has been a part of mankind. Verifying the identity of an individual or organisation has become very important in today’s business and technology driven world.

 

Prior to the enactment of the NIMC Act No. 23 of 2007 establishing the National Identity Management Commission [NIMC], the various identification schemes, including the database and issuance of identification cards both in private and public sectors, resided with the respective organisations.

 

There has been no unique set of principles, practices, policies, processes and procedures that are used to realise the desired outcomes related to identity, not to talk of an identity management system infrastructure that assures a secure verification process.

 

More About NIBSS

Nigeria Inter-Bank Settlement System is owned equally by all licensed banks in Nigeria, and the Central Bank of Nigeria. Discount Houses operating in Nigeria also hold substantial shares. The Board of NIBSS at every point comprises of Central Bank of Nigeria as the Chairman, representatives of Banks, Discount Houses as Directors and the Managing Director/CEO.

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