Recent advancements in technology have transformed the landscape of financial transactions, offering convenience and efficiency for consumers. However, alongside these innovations comes a growing challenge – disputes and electronic fraud.
In the first half of 2023, the banking industry in Nigeria reported a staggering loss of N12.2 billion to electronic fraud. Furthermore, 2022 witnessed approximately N35 billion worth of fraud attempts, with N14.3 billion lost to these illicit activities.
The proliferation of e-commerce and online transactions has exacerbated this issue. Fraudsters exploit the chargeback system, dishonestly asserting that they did not authorize or receive the purchased goods or services.
This not only places a financial burden on merchants but also results in chargeback fees, revenue losses, and reputational damage. As technology continues to evolve, it becomes imperative to address these challenges and establish secure mechanisms for electronic financial transactions.
Host: Tolulope Adeleru-Balogun
Guest: Wale Onawunmi, Co-Founder and CTO of Zone, Africa’s Pioneering Regulated Blockchain Network, Lagos, Nigeria
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How Blockchain Is Transforming The Financial Landscape | Business Edge | 24-10-23
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