Nigerian Banks move to checkmate activities of e-fraudsters

…Fortify security on internet platforms

LAGOS – Banks have commenced moves to protect their customers from the rising wave of electronic fraudsters by fortifying their internet platforms with additional security features.

In recent times e-fraudsters have been bombarding bank customers with scam mails with a view to deceptively acquire their personal identification number (PIN). The impact of these mails is reflected in report of the Anti fraud Portal of the Nigeria Interbank Settlement System (NIBSS) which revealed that Web and ATM Fraud represent the highest fraud occurrence during the periods under review.

Vanguard investigation revealed that for the period September 13 to October 13, the number of reported cases of fraud declined from about 140 to 110. During the period, Web fraud accounted for about 40, while ATM fraud accounted for about 20. E-commerce and internet banking fraud accounted for about 20 together.

In an apparent move to protect their internet banking platforms and customers from electronic fraudsters, two of the biggest banks in Nigeria, FirstBank and Guaranty Trust Bank, last week upgraded their internet banking platforms, fortified with additional security features.

nigerian banksAnnouncing the upgrade of its First Online internet platform, FirstBank said, “The upgraded platform now comes with enhanced security features, with multiple level security authentications such as two page login, personalized true stamp page, intelligent question and token authentication to protect customers from online fraudsters. According to the Head, Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney,’ the new FirstBank online banking platform, FirstOnline offers among others unique security interface that enables user to create a true stamp page identity which is exclusive to the customer’s login page and ensures that customers are only guided to the authentic personal login page for their transactions with unique token pin as final transaction authentication.

Similarly, GTBank said its upgraded Internet Banking platform, “also offers customers an account information reporting service via its new homepage dashboard as well as an enhanced security feature with its improved login keypad functionality”.

Speaking on the development, Sina Ayegbusi, Head of Guaranty Trust Bank plc’s Technology Division stated that the Bank’s commitment to superior customer service experience drives it to ensure that it utilizes revolutionary technology to simplify and secure the online banking transaction and experience of its customers. He further stated: “The upgrade to our Internet Banking platform gives our diverse costumers various on-the-go banking options due to its responsive design that makes it convenient for use on computer and mobile devices”.


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