Speaking at the 2017 Anti-Fraud Week hosted by Access Bank in Lagos, on the 16th of November, Dr Herbert Wigwe, said it was an inevitable situation as cybercriminals will continue to target banks, but he advised lenders to ensure the fraudsters fail every time they try. Dr Herbert said banks were expected to educate customers on the need to protect their data from fraudsters, making them less vulnerable, in his words, “We can’t fight today’s crime with yesterday’s technology,”
Dr Herbert called on banks to fight fraud through active collaboration. He said the improved usage of digital banking exposes lenders to cybercriminals and that with the convenience of digital banking to the consumers also leads to the creating of new opportunities for fraudsters.
“In Access Bank, our sales mantra is Speed, Service and Security. There is need for stakeholders to inaugurate appropriate laws to secure online transactions. Fraudsters dedicate their time and resources to discover imperfection in the banking system,” he said, advancement in technology helps lenders into new markets and understanding of their business better.