Unity Bank introduces new USSD code to fight online banking fraud

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By Babajide Komolafe

Unity Bank Plc has unveiled a new code on its USSD platform that allows the customer to have control of their bank account against electronic payment fraud.

The bank in a statement explained that “The new code which is 77999 * Phone number # allows customers to block access to their bank accounts, therefore without recourse to the bank, a customer is able to prevent and protect their bank account from unauthorized access using any mobile device if fraud is suspected.

“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.

“To unblock the bank account, customers can go to any Unity Bank branch closest to them and request a reactivation.

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“As a result, customers can thus exercise unlimited control with the new code, as account blocking can be triggered from any phone to prevent any transaction or unauthorized access to the bank account. The blockade can also be initiated to stem the risks resulting from the loss of the debit card or the consequences of unauthorized transactions.

“This feature now gives Unity Bank customers full control to protect themselves from scams, secure all banking transactions and give customers a head start in controlling their banking transactions.

“The new anti-fraud code enhances the Bank’s robust security system to protect customers’ bank accounts against any form of cyber threat or financial loss resulting from attempted fraud. “

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 in the past year alone.

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

The code * 7799 # which was introduced three years ago and enhanced with multilingual capability has remained an essential component of Unity Bank’s robust online banking channels facilitating transparent and secure banking transactions.

Speaking on the new anti-fraud code, the CEO, E-Business, Retail & SME Banking, Mr. Funwa Akinmade said that leveraging the technology needed to protect the bank’s assets, including the bank account of the customer, remains a top priority for the bank in the face of growing cybersecurity threats.

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He said: “With fraud issues on major payment channels across Nigeria, every player in the financial services industry in Nigeria needs to think of a way to stay ahead of their game.”

“With the added USSD functionality which allows customers to block their accounts using 77999 * phone number code #, even from third party device, we have given customers more autonomy to transact freely on our USSD platform. With the USSD functionality, available to both smartphone and multifunction phone users, this means that even the less digitally savvy Unity Bank customers can effectively use the new anti-fraud code ”.

“Even more so, since USSD is available in the three main local languages, it therefore has the potential to reach as many people as possible who are looking for convenient and secure banking services.

The unveiling of the new anti-fraud code on the USSD platform is also accompanied by the rollout of a nationwide radio campaign to educate the banking public about their options for performing online banking transactions. completely safe.

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