Olusegun Adeniyi: At Wema Bank, Anti-fraud Campaign is Our Priority
The Chief Digital Officer of Wema Bank, Mr. Olusegun Adeniyi, in this interview with Nume Ekeghe, speaks on measures the bank has put in place to combat fraud from all touchpoints and keep its customers as well as other Nigerians fully insulated against fraud, especially on their accounts. Excerpts:
Wema Bank has reportedly launched an anti-fraud campaign. Kindly walk us through the details and the why/motive behind this campaign?
As a bank that prioritises consumer protection and is resolute in our stance against fraud, we believe that we have a responsibility as a leader in the financial services industry, to go the extra mile in ensuring that every Nigerian can access quality financial services with the utmost security of both their funds and personal information, especially in today’s ever-evolving digital world. It is this sense of responsibility and duty to our customers and our nation, that has prompted the birth of this comprehensive anti-fraud campaign to simultaneously raise awareness on evolving fraudulent tactics, educate our customers on how best to stay steps ahead of the perpetrators of these fraudulent activities and further take action against these fraudsters as a deterrent to others. Our goal is to combat fraud from all touchpoints and keep our customers as well as other Nigerians, fully insulated against fraud, especially on their bank accounts. We are committed to staying proactive and prioritizing the safety of our customers’ funds and this campaign attests to that fact.
What are the specific focus areas that Wema Bank aims to cover with this campaign, what timeline is the bank working with and how does it impact customer lifecycle and experience?
Our focal points for this Anti-Fraud Campaign are: Educating customers on how to identify and avoid falling prey to phishing attempts, raising awareness about card-related fraud schemes and promoting secure card usage, promoting digital and mobile banking security, including strong password creation and two-factor authentication and reinforcing financial security in the industry by identifying and taking stringent actions on the perpetrators of fraud.
The goal of the campaign is to establish long-term awareness and vigilance among customers while rooting out fraudsters for action and sanctions by relevant law enforcement agencies; this is a commitment that we are prepared to sustain infinitely. We will never relent in our commitment to combating fraud so rest assured that this is not a one-off. For as long as Wema Bank exists, we will remain anti-fraud so this is a lifetime campaign for us. We believe that consistent education, awareness and strategic actions are all crucial in combating fraud.
About your concern about the impact of this campaign on customer lifecycle and experience, I tell you for a fact that you have nothing to worry about. One of our superpowers as a bank is our ability to strategically multitask and maintain excellent performances across diverse verticals without dropping the ball. Today, we stand strong as leaders in the digital, tech, innovation, MSME, women empowerment, financial inclusion and sustainability landscapes amongst others, and we are not only thriving, but our impact is rapidly proliferating simultaneously across these key areas. If anything, this campaign will even serve to positively impact our customer lifecycle and experience. People want to bank securely with peace of mind and by empowering them to manage their finances securely and reinforcing the security of the financial services industry, this initiative is creating a safer banking environment for all.
Given economic, national and global needs & goals, what is the big picture for this campaign?
First, I’d like to say that I am particularly thrilled that it is now becoming clear that for us at Wema Bank there is always a big picture beyond the surface level of impact that you may recognise. Of course, the same applies to this campaign. Wema Bank’s anti-fraud campaign has a broader purpose that extends beyond protecting our customers into addressing a prevalent challenge that threatens Nigeria on the global level, and this challenge is fraud. By reducing fraud incidents and boosting financial security for all, this campaign fosters a more secure and stable financial environment, which is essential for economic growth in Nigeria and empowers individuals to explore the digital world intelligently and use digital financial services with confidence, thereby promoting financial inclusion, a key national development goal. Now, the unique thing is the impact of this campaign isn’t limited to national goals and development. This fight against fraud will serve to boost our position on the global playing field, giving investors the confidence to invest in our economy and boost economic growth for us. Furthermore, I think it’s also worthy of note that our commitment to robust security measures aligns with global efforts to combat these threats and build a more secure financial system on a global scale. I couldn’t overemphasise the potential and impact of this campaign on individual, national and global levels. We are championing a transformation that will change the narrative for the best.
As an enabler in the banking and financial services industry, Wema Bank is associated with many FinTechs across Nigeria. What is the relationship between Wema Bank, its Wallet accounts & other FinTech partners?
Wema Bank has been a key partner, enabler and supporter in the Nigerian FinTech ecosystem over the past 5 years. One of the key planks of this support is our wallet infrastructure platform that many FinTechs leverage as a platform through which they can offer services to their customers in a safe, seamless and secure manner. This is why Wema Bank is the household name that remains constant as the power behind a plethora of FinTech organisations. We understand that the technology and digital terrain have infrastructural challenges that make it hard for the FinTech industry to thrive. As a leader in the financial services industry, we, therefore, take it upon ourselves to empower the Nigerian FinTech industry with the platform to operate seamlessly and thrive, thereby bridging the gap in access to infrastructure for FinTechs and strengthening both the banking and FinTech ecosystems. So our relationship? We are partners and enablers for the FinTech industry, providing an avenue for them to operate with ease through our 3rd party wallet accounts.
Looking into customer enlightenment, can you run us through how customers can identify each of these unique players in the banking ecosystem?
The Nigerian banking landscape is indeed evolving with the rise of innovative FinTech companies. While it can be challenging to differentiate every player at first glance, the key players you might encounter are traditional banks like us and FinTech companies. One way to identify these players is the account number format. 3rd party wallet accounts usually begin with a different protocol number than what is expected from the traditional banks. While you may see a Wema Bank or ALAT Account that begins with “02”, wallet accounts would start with a “7”. Legitimate financial institutions and FinTech will also have clear information about services, regulatory oversight and functional contact information on their website or apps.
How do customers prevent or protect themselves from being defrauded?
At Wema Bank, we understand that security is a partnership between the bank and the customer. Both parties have a clear role to play and must be vigilant. On our end, we stay constantly innovating, conduct constant checks and strategically reinforce our security framework to ensure that there are no loopholes, and this is how we have become a stalwart beacon of trust in the financial services industry. However, as I have said, we can’t do it without you. While our anti-fraud campaign will delve deeper into anti-fraud best practices for you, some key points to note are these: Guard all personal and sensitive information. Never share such through unverified channels; Safeguard your devices. Use strong, unique passwords for all your financial and non-financial accounts (like social media) and enable two-factor authentication (2FA) wherever available and stay informed. Remain abreast and up-to-date with common fraudulent tactics. Fraudsters are evolving and to stay ahead, you too must keep up, and this is where our Anti-fraud campaign comes in. Sit back and stay tuned to our official platforms, there’s so much for you to discover. Lastly, If a transaction, interaction or engagement seems suspicious or fraudulent, do not hesitate to contact your bank directly for clarification.
A lot of people don’t know what steps to take when fraud-related issues arise. Please enlighten us on the steps available and what customers can do should they find themselves in such a situation.
The key is to act promptly and communicate clearly. Contact your Bank Immediately; report the Issue. Explain the details to the Customer Service Representative and ensure you call or contact the bank only through the official Customer Service details on the bank’s website or app, security first. If you suspect your debit/credit card or online banking account has been compromised, request the bank or FinTech Company to block your account immediately to prevent further fraudulent transactions. A lot can happen in a minute so act quickly and smartly and if possible, keep copies of emails, text messages, or screenshots related to the suspected fraud. This can be helpful in the investigation process.
Let’s take a look at the management of fraud cases. What are the processes and structures that Wema Bank has to manage threats of fraud against customers?
As I mentioned earlier, we conduct constant reviews of customer transactions and account activity both for our direct customers and on the accounts used by the FinTech companies we power. We have robust fraud detection systems that monitor account activity for suspicious patterns and trigger real-time alerts on such transactions.
We also have a dedicated team of investigators specialized in identifying and resolving fraudulent activities. In addition, we don’t work alone. We take reports of fraudulent activity very seriously and encourage the public and our customers to always report any cases of suspected or committed fraud to us. Our dedicated team of investigators is on standby daily to probe into every report.
Is there a specific channel in place through which customers and other Nigerians can report suspicious accounts or activity?
To escalate fraud cases connected to any Wema Bank account(s), customers are to send an email to frauddesk@wemabank.com or contact us via DM or email on our official communication platforms which are @wemabank, @alat_ng on Instagram, Facebook and Twitter, and for our women community, @sarabywema on Facebook and Instagram. We are here to assist you.
The impact garnered so far is admirable and the potential is highly promising, which raises the question, what is the plan for sustaining this campaign?
Again, this is a long-term commitment and not a one-off effort. Our goal is to empower our customers to be proactive in protecting their finances and to ensure sustenance for the campaign, we will continue to update customers on evolving fraud tactics and consistently address each of the focal points in this campaign, building the Wema brand into the go-to figure of authority in terms of anti-fraud measures. We would do this through our various channels – website, app, social media and email). Our intention is also to turn the planned industry engagement session into an annual round-table event, thereby deepening our roots in the fight against fraud and sustaining the lifelong Wema Bank Anti-Fraud Campaign.
