CBN alerts banking public of fake 100 banknotes of Hong Kong Dollar

The Central Bank of Nigeria (CBN) has drawn the attention of Nigerians to the circulation of fake 100 banknotes of Hong Kong Dollar (HK$100).

This is even as the apex bank has enjoined bankers to be proactive in combating cybercrime, stressing that the losses due to cybercrimes across all sectors have been estimated globally to hover between USD400 – 550 billion in 2015. The figure could rise to two trillion US dollars by the end of 2019, according to the special adviser to the CBN governor on financial markets, Dr. Emmanuel Ukeje.

In a circular to all authorised dealers, signed by the acting Director of Trade & Exchange Department of the apex bank, WD Gotring, to Bureau De Change (BDC) operators and the general public, the alarm was raised by the Hong Kong authorities on the circulation of the fake currency.

As for the features of the counterfeit dollar note, the circular noted that “The fake notes which were printed on normal A4 paper using inkjet printers are of poor quality, lacked embossment and the feel of security features. The silver marks were stuck on the notes to appear like the holographic security thread on real bills. Also the HK$100 numerals failed to turn gold and green when viewed from different angles.

“For the avoidance of doubt, members of the public are hereby advised that the genuine Hong Kong Dollar banknotes has the following features: the colour and features of the notes shift when viewed at different angles; the holographic windowed thread shows a complete metallic thread when viewed under light, and when rubbed on the surface, the bill gives an embossed feeling.”

Addressing members of the Association of Chief Audit Executives of the Banks in Nigeria, Ukeje said this is amount is more than the annual GDP of most individual nations, including Nigeria.

Here at home he warned we are not spared of losses due to cybercrimes and the global trend ought to alarm us about the gravity of this problem, adding that Nigerian banking sector is ever more vulnerable to bank staff and outsiders that collude in sundry criminal cells.

“Fortunately, most of the times, they fail. But, their occasional successes can have very serious consequences on individual organisations or the entire system. That is why we need a framework for robust collaboration to protect individual entities and the industry as a whole,” Ukeje stated..

The Central Bank of Nigeria ACCORDING TO HIM, has been leading such efforts at the Nigeria electronic Fraud Forum (NeFF). There, cross-fertilisation of ideas on incidents has helped the industry to better respond to contemporary e-fraud attacks, through issuance of guidelines, circulars and directives.

“While it is always important to share information horizontally, an effective awareness campaign integrates information vertically. Auditors must therefore be researching for new ideas, for better ways of ensuring the adequacy and effectiveness of internal controls in our various organisations. Above all, you must share these ideas and your experiences,” he stated.