Cybercrime is on the rise- Wema Bank chairman

The Chairman, Wema Bank Plc, Yemisi Olurunshola has raised concerns over the increasing threat of Internet fraudsters, stressing the need to design technological frameworks to nip the bud. Olurunshola stated this while delivering her speech on ‘Securing digital banking in Nigeria: Addressing system vulnerabilities and fraud infliction in the age of fintech,” during the CIO […]

The Chairman, Wema Bank Plc, Yemisi Olurunshola has raised concerns over the increasing threat of Internet fraudsters, stressing the need to design technological frameworks to nip the bud.

Olurunshola stated this while delivering her speech on ‘Securing digital banking in Nigeria: Addressing system vulnerabilities and fraud infliction in the age of fintech,” during the CIO and C-suite award, held in Lagos.

According to her, cybercrimes have evolved beyond just attacking single institutions of physical infrastructure, but have spread to the entire ecosystem of interconnected digital platforms, expressing the risks for financial institutions.

“The question we must ask ourselves is what can we do to secure digital banking, protect customers and foster a safer, more resilient Fintech ecosystem.

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“With the exposure of API and mobile apps, cloud computing and real time transactions we have created an environment where one weakness in exchange can compromise the entire system,” she said.

Olorunshola, who was represented by the chief complaint officer at Wema Bank, Oluwatoyin Karieken, advised the public on the adoption of various multi-layered security strategies.

“Users must also be educated and equipped with the knowledge to recognise phishing attempts and safeguard their personal information,” she said.

The Convener of the CIO and C-suite award, Abiola Leseinde, said the award was designed to acknowledge the efforts of technology professionals in driving innovation.

“We are very big on technology because it is applied to our everyday life. We have expanded from just those wearing technology labels to those who are very senior, they are not technology people but they are leveraging technology to deliver value across the continent,” she said.