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Banks Should Adopt New Technology to Curb Fraud – Experts

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Global Banking - Investors King
  • Banks Should Adopt New Technology to Curb Fraud – Experts

Deposit Money Banks have been urged to be quick in adopting new technology and systems to curb fraud in the nation’s financial services industry.

Technology experts, who spoke in separate interviews with our correspondent, said there was a need for banks and other financial institutions to regularly upgrade their technology facilities to block loopholes and improve systems.

With the increase in the use of mobile phones for financial transactions and online purchases, the level of fraud in the industry has risen in recent years.

The Chief Executive Officer, VoguePay, Michael Simeon, said stronger and more refined technologies should be adopted by banks.

According to him, by evidence, technology has done more good than harm in the financial services industry by creating jobs and opportunities as well as improving competition.

He said, “Technology cannot be said to be a bad development. It is stale technology that allows for fraud. Technology such as blockchain makes it difficult to perpetrate fraud because you cannot beat the system.

“It also has auditing, which is quite good for compliance and regulatory authorities to audit. But most of the transactions in Nigeria are still not electronic, thus making it very difficult to monitor the activities and transactions or for government to audit transactions.

“Technology is a constantly evolving thing. You have to move as it is moving. When the systems are upgraded and up-to-date, it would make it impossible to defraud people. The challenge the banks are having is that they are not flexible. It takes them a lifetime to move, probably because they spend millions of naira to adopt and install a system.”

Simeon stated that banks in the country operated a closed banking system, adding that this was another hindrance to technology growth.

According to him, though banks are trying, a lot more can be done so that fraud can be totally eliminated.

The Chief Executive Officer, ENovaIT, Femi Ogunmokun, stated that there was a need for banks to invest in training or recruiting professional hackers to fortify their data and systems.

According to him, electronic fraud is mostly carried out by insiders or professional hackers.

Ogunmokun said it would be better to prevent an act or attempt at fraud rather than rectify it.

He added that awareness should also be carried out for bank customers to enlighten them on the risks associated with divulging sensitive bank information, such as card numbers, personal identification number and card verification value.

Ogunmokun said, “The way hacking works is that when you try to guess someone’s details, after a number of attempts without success, a notification is sent to the affected parties, and the perpetrator can be traced.

“What most hackers do now is to create fake pages and sites, look for how to pull traffic to the site, and then demand your bank details. People that are unfortunate to fall for it will have all their money stolen immediately. Or better still, the details can be kept, and then the money will be stolen when all guards have been let down.”

He added that the Nigeria Internet Registration Association as well as regulatory financial institutions had a role to play in verifying and monitoring websites to detect fake and unregistered ones.

According to him, security firewalls such as multiple verification mechanisms for bank owners when divulging bank details can also be created to prevent fraud.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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