Wema Bank launches anti-fraud campaign to protect customers

Wema Bank has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.

The bank’s Chief Audit Executive, Oluwole Esomojumi, disclosed that the anti-fraud campaign is designed to protect customers from fraudulent activities and provide them with the necessary information for detecting the evolving tactics of fraudsters and to also solidify the bank’s position as the bank that stands fully against fraud.

According to him, “The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have a good understanding of what interaction or engagement are telltale signs of fraud and how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank anti-fraud campaign. We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.

“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from fintech who use our platforms. Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one. No fraudster is safe with Wema Bank because at Wema Bank, customer safety is our priority and empowering the lives and businesses of every customer is our mission.”

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As a bank at the forefront of digital innovation and a top enabler in the fintech landscape, Wema Bank powers a plethora of fintechs across Nigeria, allowing them to operate seamlessly through Wema Bank’s third-party wallet accounts.

Due to the recent hike in fraudulent inflows into these wallet accounts, the bank has taken action against fintech partners whose account activities have been found guilty of fraud.

Through the anti-fraud campaign launched recently, Wema Bank has successfully investigated, identified and disengaged three fintech partners for fraud and suspended four fintech partners from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to the Central Bank of Nigeria (CBN’s) know your customer (KYC) guidelines.

The bank added that there are ongoing audits and reviews of fintech partners’ processes as part of the grand plan to ensure that it gets the anticipated/desired results.

The anti-fraud campaign targeted at creating awareness, educating and equipping customers with the necessary information needed to mitigate, detect and handle fraudulent activities on their bank accounts, further underscores the bank’s commitment to safeguarding customers’ finances and personal data.

The bank added that the fight against fraud is personal to it and with the sturdy layers of security measures initiated and executed by the bank to sustain consumer protection beyond the direct responsibilities of the bank, it is making its entire ecosystem inconducive to fraudsters.

To escalate fraud cases connected to any Wema Bank account(s), customers are to send an email to the bank as the platform is live and active 24/7.

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