UBA fraud awareness week: Stakeholders canvass greater banks, inter-agency collaborations

Africa’s Global Bank, United Bank for Africa (UBA) Plc, hosted stakeholders and industry regulators to its Fraud Awareness Week, an initiative which is aimed at empowering customers with knowledge and tools to protect them against fraud and financial malpractices in the banking and financial sector.

The week-long event which began on Monday, October 16th through Friday, October 20th, 2023, saw huge participation from key stakeholders across the financial sector who expressed concerns about the rising cases of fraud and how this crucial issue can be combated.

As part of its awareness campaigns the bank on Thursday, held a Stakeholders’ Round-Table panel session, and the Guest Speakers at the event were the Head, Cybercrime Investigation, Advance Free Fraud Economic & Financial Crime Commission {EFCC} Lagos State Command, Mr Abbah Sambo Usman; Managing Partner; Akin Adesomoju & Co, Barrister Akin Adesomoju; the Chief Risk & Compliance Officer.

Others were AG, Head, Corporate Services Directorate, Nigerian Inter-Bank Settlement System, Mr. Temidayo Adekanye, Manager, Cyber and Intelligence Mastercard Customer Solutions Center, West Africa, Peter Ehizogie and Assistant Commissioner of Police and Head, Legal Department, Police Special Fraud Unit, Barrister E.A Jackson.

All the panelists jointly agreed on the need for collaborative efforts of all players including all banks, other financial institutions and agencies to help in providing the information, data and intelligence that will enable the detection of gaps in the fight against fraud in order to prevent occurrences.

While welcoming guests earlier at the event, the Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was represented by the Group Internal Auditor, Gboyega Sodiq, emphasized the critical significance of the Stakeholders’ Round-Table session, underscoring that it forms 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.”