WEMA BANK Restates Commitment to Combatting Fraud, Protecting Customer’s Interest

In commemoration of International Fraud Awareness Week 2024, Wema Bank has emphasised the bank’s commitment to championing fraud awareness and thereby protecting its customer’s interest.

This was disclosed at a stakeholder’s seminar hosted by the financial institution in accordance with the global theme for International Fraud Awareness Week 2024, tagged: “Share A Story, Stop A Scam,” held at Wema Bank Head Office in Lagos.

Representatives of the Economic and Financial Crimes Commission (EFCC), Nigerian Police Force (NPF) and KPMG, among others were in attendance.

Representing the MD/CEO of Wema Bank, Moruf Oseni, Tunde Mabawonku, the Bank’s Executive Director of Retail and Digital Business, noted that fraud and scam are no longer news and with each day, fraudulent tactics continue to evolve.

He stated that with the evolution of digital banking, the bank has a role to play and that is why the financial institution has remained unrelenting in the fight against fraud.

“Awareness is key, so while we do the backend work of constantly innovating, running checks and advancing our security framework, we go a step further in ensuring that our customers are also equipped to, on their end, complement the work we do in terms of maintaining their financial security; and we do this through awareness, information and education.

He added that the bank’s commitment to driving fraud awareness goes beyond International Fraud Awareness Week, noting thar awareness is a lifelong journey.

According to him, with the digital evolution on constant proliferation, fraudsters are getting more creative in their tactics and the onus is on every one to keep spreading the word about rising fraudulent antics and how to handle them, to ensure that more people are aware and equipped to stay ahead of these fraudsters

“The theme of the 2024 International Fraud Awareness Week, ‘Share a Story, Stop a Scam’, highlights the significance of this awareness, information and education in combatting and mitigating fraud across the globe; a mindset we continue to embody through our very own Anti-Fraud campaign. As a Bank that prioritises the financial security of our customers, we have over the years undertaken the responsibility of not only keeping our security framework up-to-date, advanced and reinforced against fraud but also educating our customers, equipping them with the knowledge and resources they need to protect themselves from fraud on their end.

“We launched an Anti-Fraud campaign with this very focus and this two-way approach to combatting fraud holds great potential and as we continue to empower our customers and the general public to combat fraud, we take this moment to reiterate our commitment to maintaining the highest standards of information security and prioritising consumer protection as we continue to empower lives through innovation.”

Charging institutions to be active in promoting awareness, and vigilantly monitoring behavioural patterns unusual activity, Assistant Commissioner of Police at the Special Fraud Unit of the Nigerian Police Force, Mr. Femi Akinola, urged victims of fraud to be willing to work with the Police in providing the required information and documents to aid investigations.

An Assistant Commander of the Economic and Financial Crimes Commission (EFCC), Mr Oguzi Moses, further emphasised the importance of promoting a culture of compliance within institutions towards mitigating fraud.

He commended Wema Bank for its openness to collaboration and its role in spreading anti-fraud awareness, expressing commitment to continuous collaboration with the Bank.

Other stakeholders present at The Wema Bank International Fraud Awareness Week 2024 were: Rypson Ugwuzor, Manager, Cybersecurity and Intelligent Automation, KPMG; legal luminary Akin Adesomoju (SAN), Founder, Akin Adesomoju & Co.; and cybersecurity expert Dr. Obadare Peter Adewale, Founder and Chief Visionary Officer (CVO), Digital Encode Limited.

Earlier in 2024, Wema Bank disconnected seven FinTechs found guilty of fraud from its network and continues to empower its customers with insights on evolving fraud tactics and channels for escalation through its Anti-Fraud Campaign. Customers and the public can follow @wemabank on Instagram, Facebook, LinkedIn and X to stay updated.