In a quest to enhance security and safety on its Internet Banking Platform, the United Bank for Africa PLC, (UBA), has introduced new security features on its internet banking platform.
The new safety features are in three phases, namely different screens for user Id, Phrase and and Image Security measures.
The first requires that customers input their UserID and password on different screens before accessing internet banking services.
The Phrase and Image feature requires that customers setup a onetime Phrase and Image which will be displayed every time on their password screen. This way, customers can always confirm they are on UBA Internet Banking .
Once Customers have successfully set their Word and Image, the login screen will be display. The Bank explained that these additional features are designed to increase your login security.
It would be recalled that internet banking fraud is now a serious issue in Nigeria and is discovered to cost the country a whopping N197.9 billion annually .
According to Prince Osuagwu and Juliet Umeh “Hacking has become a real menace for banks as they have become targets both internally and externally, experiencing losses in billions of Naira. Recently, Nigerian banks were among the ones targeted by the North Korean hacker, Lazarus. The Central Bank of Nigeria, CBN, rates e-fraud as the biggest risk in the sector which has widely incorporated electronic payment solutions such as Automated Teller Machines, ATMs, NIBBS Instant Payment, NIP, and mobile banking.
Customers are experiencing losses and inconveniences, after their banks become targets of cyber frauds. Some innovations and banking applications, particularly, those that have single interface that can be used across multiple banks, are said to be part of the solutions heightening e-fraud in the sector. However, the banking sector has been advised to invest more on intelligence gathering and information sharing if there is any hope of mitigating cyber frauds that come with digital banking and payment solutions “.
Recently, too, the Central Bank of Nigeria (CBN) went into collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) in the fight against internet banking fraud and other related cybercrimes, a direct response to the increasing challenge that e-crimes pose to the banking industry and the economy.
According to Sunnews Editorial, “The proposed partnership between the apex bank and the CIBN has become even more urgent following the recent arrest of a professional internet hacker, who in his confessional statement, revealed that Nigerian banks do not have enough cyber security which makes it easy for hackers to have access to the accounts of high profile customers”.
The recent security and safety measures by UBA is a proactive measure to protect its customers on its internet banking platform.