Despite the many emails and bill boards that have been put out by financial institutions in the county, many Nigerians still fall prey to the antics of fraudsters. While customers are not always at fault in some cases, many a time, vital information have been leaked to fraudsters by unsuspecting customers.
With over N9 billion lost to fraud in the banking system this year, the figure is projected to reach N20billion by the end of this year even as operators in the financial system are urged to increase the level of collaboration as a way of curbing the rising fraud rate in the country.
Latest data released by the Nigeria Inter Bank Settlement System (NIBSS) show that while losses to fraud in the financial industry in the first quarter stands at N5.1billion, the figure has so far risen to N9.5 billion as at July 2023. This brings the total amount lost to fraud since 2019 to N50. 5 billion.
To combat the rising spate of fraud in the financial system, stakeholders had stressed the need for more awareness not only among customers but also institutions that are vulnerable to the activities of fraudsters.
According to the chairman of the Nigeria Electronic Fraud Forum (NeFF), Musa Jimoh, speaking on the sidelines of the meeting said Jimoh, “If we don’t combat the cyber criminals, they will way us down and disrupt the entire system. So, we all need to work together to see how we can make life extremely difficult for cybercriminals.
“We need to look at new ways new techniques, and more efficient manners by which we can improve and guard against the banking and payment infrastructure and educate ourselves on how we can safeguard our bank credentials or tokens and all the information that the banks have provided to us to safeguard.
“The more information we have about what they’re doing, the more we are protected. The objective is to have zero fraud but you know, this is it’s a gradual process because as you’re building techniques, they’re also exploiting other areas.
“As more people come into the financial sector as more transactions happen, people are vulnerable and so enlightenment education, we would continue to push it which is why it’s going to be a very long journey. But I know that with the kind of enlightenment and the push by the bankers’ committee, and other stakeholders a lot of Nigerians will be well educated to know that they have to be have to keep all the accounting details very secret and therefore we anticipate that the incidence of fraud we taper down almost to zero.”
This had prompted United Bank for Africa (UBA) Plc, to kick off Fraud Awareness Week – an initiative aimed at empowering customers with knowledge and tools to protect them against fraud and financial malpractices in the banking and financial sector.
The Fraud Awareness week which held last week with the theme “Fighting Fraud Together,” was aimed at galvanising collaborative efforts to safeguard the assets and accounts of its customers.
UBA’s chief audit & assurance officer, Sanusi Mudasiru, who spoke ahead of the week-long event, explained that in the light of scamming activities inherent in today’s digital age, and since the banks’ priority is the safety and security of its customers’ accounts; it has become increasingly essential for the bank to educate its customers on how to be cautious about sharing sensitive information to guide against fraudulent and suspicious transactions.
“Our commitment to integrity remains unwavering. Lately, we have seen the need to work together with our customers to protect their assets. We need to continue to let them know for instance that UBA will never ask for your PIN, password, or OTP, and through the activities lined up for the week, we will share vital information to our customers on how to stay secure, stay alert, and help us fight and stop fraud together,” Mudasiru said.
He pointed out that the UBA Fraud Awareness Week is coming up during the “ember months” which are renowned for increasing fraud related activities. During the week, the bank will give out ‘tips’ and ‘red-flags’ that customers should be on the look-out for so that they do not fall prey to these fraudulent individuals.
“With UBA, you are in safe hands, and we encourage you to be wise and help us protect your money. We know that your phone is a major gateway to your account, and securing it is paramount, so we will teach you how to lock your phones and all social media apps with two-step verification, and highlight why you should not share your phone unlock code with anyone, and never trust anyone with your phone when you are not looking. All these and others will be shared during this event,” Mudasiru added.
He emphasised the bank’s commitment to safeguarding the financial interests of its stakeholders, while maintaining the highest level of integrity and security.
