Unity Bank unveils USSD platform to fight online banking fraud
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 bank account against any bank fraud. in line.
The bank said the new code allows customers to block access to their bank accounts, therefore without resorting to it.
A customer, according to a bank statement, 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 nearest Unity Bank branch and request a reactivation.
“As a result, customers can thus exercise unlimited control with the new code, as account blocking can be triggered from any phone to prevent unauthorized transactions or 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 impact of unauthorized transactions, ”the bank said.
He added, “This feature now gives Unity Bank customers full control to protect themselves from scams, secure all banking transactions and give customers a head start on 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.
Speaking on the new anti-fraud code, 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 client, remains a top priority for the Bank in the face of growing cybersecurity threats.
He said, “With fraud issues on major payment channels across Nigeria, every player in the financial services industry in Nigeria must find a way to stay ahead of their game.
“With the added USSD feature that allows customers to block their accounts using code, even from a third-party device, we have given customers greater 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 doing online banking. completely safe. “
“The presentations to be made today will further reiterate the important role SIF will play in the Nigerian capital market and the resulting responsibility for members to ensure that the forum lives up to its expectations.”
In his remarks, NECA CEO Dr Timothy Olawale expressed gratitude to the SEC for the initiative to open the forum, saying the event is important to the business community, especially during the economic constraints. current issues facing the world.
Olawale said regulators should be business enablers and expressed enthusiasm that the SEC is working hard to make it easier to do business as well as fill in gaps and help companies meet compliance expectations.
He said, “This forum is a good SEC forum because it will help us do what is necessary and right and we are very excited about it. This is commendable and we recommend this form of partnership to others.
“The forum will serve as a vehicle for regular engagement between the SEC and securities issuers to address challenges, improve the business environment and enhance the capital market’s contribution to the growth of the Nigerian economy. We may not achieve everything that we set out to do at once, but we will get there gradually. “