Unity Bank unveils USSD channel to fight online banking fraud


Friday, September 3, 2021 / 5:00 p.m. / Unity Bank / Header Image Credit: Unity Bank

Unity Bank Plc has unveiled a new channel that will allow customers to block their bank accounts using a USSD code.

By dialing the code * 7799 * phone #, a customer will be able to block their account number using any mobile device if fraud is suspected, a debit card is lost or cases of unauthorized transactions are reported.

This feature builds on the lender’s previous innovative USSD feature that allows customers to block an account number using a third-party mobile device, an initiative launched by the Bank two years ago.

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 control of their banking transactions.

The new anti-channel fraud 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 banking sector fraud by the Nigeria Inter-Bank Settlement System, cyber fraud increased by 534% as Nigerian banks lost a total of 3.5 billion naira in the past year alone. The unveiling of the new USSD channels 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 part of the Bank’s robust online banking channels facilitating transparent and secure banking transactions.

Speaking on the new channel, CEO, E-Business, Retail & SME Banking, Mr. Funwa Akinmade said leveraging the technology needed to protect the bank’s assets, including customers, remains the top priority for the Bank in the face of growing cybersecurity threats. .

He said: “With cases of fraud affecting major payment channels across Nigeria resulting in losses of billions of naira per year, every player in the financial services industry in Nigeria needs to think about how to keep a length of time. ahead of fraudsters.

“With the USSD feature that allows customers to block their accounts, even from a third-party device, we have given customers full control to terminate access to their bank accounts if fraud is suspected. the USSD functionality, being available to both smartphone and multifunction phone users, means that even the less digitally savvy Unity Bank customers have full control of their bank accounts.

Especially since the 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 USSD block code is also accompanied by the rollout of a nationwide radio campaign to educate the banking public about their options for safe banking.

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