Unity Bank introduces a new code to fight e-banking fraud

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Unity Bank announced on Wednesday that it has introduced a new code to its unstructured supplemental services data platform that allows customers to block access to their bank accounts when fraudulent activity is detected.

According to a statement from bank spokesperson Nwokpoku Ogbonna, the new code will give customers full control of their accounts and ensure protection against unauthorized access.

The statement was titled “Unity Bank Unveils New Code on USSD Platform to Combat Online Banking Fraud.”

He said: “In an effort to protect its online banking platforms with enhanced security and safety features, Unity Bank Plc has unveiled a new code on its USSD platform that allows the customer to fully control their account. banking against any online banking fraud. .

“The new code, which is * 7799 * 9 * phone number #, allows customers to block access to their bank accounts, so without recourse to the bank, a customer is able to prevent and protect their account banking against unauthorized access using any mobile device in case of suspected fraud.

“As part of the robust functionality of the bank’s USSD platform, bank customers can directly initiate the new code and successfully block the account from a third-party mobile device.

He explained that customers can unblock their accounts by going to any nearest Unity Bank branch and requesting a reactivation.

The bank noted that the need to provide additional security to its customers was underscored by the latest banking industry report, which showed cyber fraud in the banking industry increased by 534% and the bank suffered a loss of 3. 5 billion naira in the past year.

He said: “According to the latest report on fraud in the Nigerian banking sector Inter-Bank Settlement System, cyber fraud has increased by 534%, with Nigerian banks losing a total of 3.5 billion naira over the course of the year. only year passed.

“The unveiling of the new USSD code is therefore part of Unity Bank’s strategy to protect its customers by reducing losses due to electronic banking fraud to zero.

The banks also said that the code * 7799 # which was introduced three years ago and enhanced with multilingual capability has remained a vital part of its robust online banking channels facilitating transparent and secure banking transactions.

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