ONLINE banking fraud is real. It is increasingly catching a lot of unsuspecting bank customers unaware. Urgent steps, therefore, needed to be taken to address the situation.
Those were the submissions of participants, comprising experts from the nation’s Information Technology and Banking sectors, at the cyber security webinar, organized by First Bank Plc, recently, were able to establish a common ground:
For instance, in his keynote address at the webinar, the Director, Banking Supervision, CBN, Bello Hassan, stated that to underscore the seriousness with which it is handling the issue, the apex bank is collaborating with stakeholders, especially the money deposit banks to fight online fraud, in addition to its statutory role of regulating the industry.
Hassan, who was represented by another official of the bank, Dr. Adedeji Adetona Sikiru, stated that one of the policy thrusts of the apex bank is to ensure a robust cybersecurity mechanisms in the nation’s banks.
According to him, the effects of digital fraud in the banking sector can be devastating; since it erodes customers’ confidence in the sector, while at the same time portray the bank involved in bad light.
While not ruling out an in-house ‘support’ for online fraudsters, he however stressed the need for account holders to avoid greed, by ensuring online offers are properly evaluated, insisting that no fraud can be successfully completed without the consent of the account holders.
He also charged the general public to be wary of financial institutions they deal with, arguing that transacting business with institutions, not regulated by the government, could be at such investors’ risk.
For instance, the CBN chieftain argued that despite the increasing popularity of cryptocurrency, it is yet to be a legal transaction in this part of the globe, and so will be a risky venture for any Nigerian engaged in such for now.
While commending First Bank Nigeria Plc for organizing the webinar, Hassan expressed the readiness of the apex bank to collaborate with the nation’s commercial banks in educating the banking public on the different methods being employed by cyber criminals to perpetrate frauds.
He noted that for the war against cybercrime to be successfully prosecuted, it had become imperative to enlighten the banking public on the need to be cyber smart.
Speaking on the topic, Head, Information Security Operations, First Bank, Mr. Harrison Nneji, explained that the webinar was organized to create more hurdles for cyber thieves, by educating the nation’s banking public on how to guard against cyber fraud.
He also advised customers on the need to treat their confidential details, as highly personal.
“On no account must you release your details to anybody on phone, pretending to be calling from your bank. A lot of people have fallen prey to this.
“Besides, you should be wary of any message, supposedly from your bank, asking you to conform with a directive urgently. It’s always a scam. Under no condition will such urgency be required by a bank,” he added.
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