Banks, Fintechs harps on ways to tackle e-fraud

 

Experts and stakeholders in the financial service sector have called for the integration of multiple identity system into one to easily detect and track perpetrators of cybercrime.

They made this call last week at the Cyber Awareness week.

Speaking at the Information Security Society of Africa – Nigeria (ISSAN) Cybersecurity roundtable with the theme: “Re-thinking corporate governance rules on money transfers” in Lagos, ISSAN President, David Isiavwe, stated the need for operators, law enforcement agencies and financial sector regulators to ensure that they were steps ahead of the cybercriminals.

Isiavwe, who is also the Chief Compliance Officer of Ecobank Nigeria, noted that fintechs have a critical role to play in the future of financial services, noting that the more they innovate, the more they need to automate the attendant controls and ensure that they are monitored.

Central Bank of Nigeria (CBN) Director, Payment System Management, Musa Jimoh, lauded the efforts of ISSAN in promoting a safer cyber space for financial transactions, stressing that it is the responsibility of stakeholders to ensure a robust payment ecosystem and a sound regulatory regime as the apex bank cannot do it alone.

He further emphasised that banks and FinTechs should put adequate measures in place to protect their customers, stressing that it was the only way to embrace and trust the payment system.

At the Deposit Money Bank, the United Bank for Africa (UBA) Plc hosted stakeholders and regulators at its Fraud Awareness Week.

The event is aimed at empowering customers with knowledge and tools to protect them against fraud and financial malpractices in the banking and financial sector.

As part of its campaigns, the bank held a Stakeholders’ roundtable. The guest speakers at the event were the Head, Cybercrime Investigation, Advance Free Fraud Economic & Financial Crime Commission (EFCC), Lagos State Command, Abbah Sambo Usman; Managing Partner; and Akin Adesomoju & Co, Akin Adesomoju.

The panelists agreed on the need for collaboration among players, including banks, other financial institutions and agencies to help in providing the information, data and intelligence that would enable the detection of gaps in the fight against fraud in order to prevent occurrences.

Group Managing Director, United Bank for Africa (UBA) Plc, Oliver Alawuba, who was represented by the Group Internal Auditor, Gboyega Sodiq, emphasised the critical significance of the stakeholders’ roundtable, underscoring that it formed a central component of UBA’s commitment to combatting fraud and safeguarding the integrity of the nation’s financial systems.

He said: “In a rapidly evolving world of finance, where technology and innovation are transforming the landscape of financial services, the need for robust fraud prevention measures is more crucial than ever before.

“This year’s campaign is encapsulated in two simple yet powerful slogans: “UBA won’t ask; so don’t share,” and “Stay secure, Stay alert, Stop the fraud”.

“These slogans serve as a reminder that as a bank, we will never request sensitive information such as PINs, passwords, OTPs/token responses, or personal details via email, phone calls, or any other digital channels.

They stress the fundamental rule that must be adhered to rigorously to maintain account security and combat fraud actively.”