JOSEPH, EKEMINI CHARLES

Electronic Commerce (E-Commerce) is growing rapidly in worldwide marketplace nowadays and it has tremendous potential to drive the technology growth in the future. Along with the continuous development of the E-commerce, it can be connected, anywhere, anytime via e- mobile with wireless service. In spite of the challenging economy, the use of e-channel platforms –Internet banking, Mobile Banking, ATM, POS, Web, etc. has continued to experience significant growth. According to NIBSS 2015 annual fraud report, transaction volume and value grew by 43.36% and 11.57% respectively, compared to 2014. Although e-fraud rate in terms of value reduced by 63% in 2015, due, in part, to the introduction of BVN and improved collaboration among banks via the fraud desks; the total fraud volume increased significantly by 683% in 2015 compared to 2014.