United Bank for Africa (UBA) Plc, one of Africa’s premier financial institutions, recently hosted a significant event during its Fraud Awareness Week, emphasizing the importance of inter-agency collaboration in combating financial fraud.
This initiative aims to empower customers with the knowledge and tools needed to protect themselves from fraud and financial malpractices within the banking and financial sector.
Running from Monday, October 16th to Friday, October 20th, 2023, the week-long event garnered substantial participation from key stakeholders across the financial sector.
These participants shared their concerns regarding the escalating cases of fraud and discussed strategies to combat this critical issue.
One of the event’s highlights was a Stakeholders’ Round-Table panel session held on Thursday.
Distinguished guest speakers included Mr. Abbah Sambo Usman, Head of Cybercrime Investigation at the Advance Free Fraud Economic & Financial Crime Commission (EFCC) Lagos State Command; Barrister Akin Adesomoju, Managing Partner at Akin Adesomoju & Co; and the Chief Risk & Compliance Officer, among others. These experts brought their invaluable insights and perspectives to the table.
During the panel session, all participants reached a unanimous consensus on the necessity of collaborative efforts among all stakeholders, including banks, financial institutions, and regulatory agencies. The goal of such collaboration is to provide essential information, data, and intelligence to detect gaps in the fight against fraud and to prevent future occurrences.
The Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was represented by the Group Internal Auditor, Gboyega Sodiq, emphasized the pivotal role of the Stakeholders’ Round-Table session.
He highlighted that this session is a central component of UBA’s commitment to combating fraud and safeguarding the integrity of the nation’s financial systems.
Alawuba stated, “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.”
In summary, UBA’s Fraud Awareness Week proved to be a vital platform for uniting stakeholders and industry regulators to address the pressing issue of financial fraud through inter-agency collaborations and customer empowerment initiatives.
