Union Bank boss calls for proactive strategies against e-fraud

By Babajide Komolafe

Group Managing Director of Union Bank Plc, Mr. Emeka Emuwa, has called for proactive strategies to tackle the rising problem of electronic fraud (e-fraud).

He made this call while addressing members of the Committee of Chief Internal Auditors of Banks in Nigeria (CCIABN) at their 28th Quarterly Meeting hosted by Union Bank in Lagos.

Emuwa challenged Internal Auditors in the banking industry to brace up to tackle emerging trends in electronic fraud, which have become a real threat to the survival of the sector.

Acknowledging that e-fraud was not just a Nigerian problem but a global challenge, Emuwa said, tackling this problem requires an “all hands on deck” approach to proffering proactive strategies, realigning processes and developing realistic action plans to curtail the menace.

Emuwa, who was represented by Emeka Okonkwo, Executive Director, Corporate and International Banking at Union Bank, said: “while winning the war against cybercrime seems like a daunting task, it is not an impossible one and would require key stakeholders to effectively work together to surmount the challenge”. He therefore urged the Committee to continue to foster collaboration within the banking sector and enjoined Internal Auditors to constantly upgrade their skills, knowledge and techniques to ensure that the right level of assurance is provided always.

In his own remarks, the Chairman of the Committee of Internal Auditors of Banks in Nigeria, Mr. Joseph Esenwa, commended Union Bank’s steadfast support for the Committees initiatives. He also pledged that the association would continually strive to enhance its visibility and relevance, while strengthening its activities towards greater financial stability in the sector.

Meanwhile, Union Bank has been certified with the Payment Card Industry Data Security Standard (PCI DSS). PCI DSS is a global security standard for protecting card data, created by leading card companies Visa, MasterCard, American Express, Discover and JCB.

The Bank was presented with the certificate after undergoing a rigorous successful audit of its operations which was conducted by PCI DSS Qualified Security Assessor – Panacea InfoSec in conjunction with their local partner – Digital Encode.

This certification gives the bank the added incentive to offer its customers improved data security to protect them from card fraud, identity theft, insider threats, cybercrime, hacking and other security vulnerabilities.

Commenting on this achievement, the Head Corporate Affairs/Corporate Communications at Union Bank, Ogochukwu Ekezie-Ekaidem said “our top priority is security and protection of customer data, as well as compliance. This certification is further proof of our commitment to provide quality service to our customers and we are proud to be compliant with PCI DSS’s stringent security requirements.”

Beyond the PCI DSS certification, and as it seeks to reclaim its leadership position in the banking industry, Union Bank has also reinforced its overall security system through a Security Operation Centre (SOC). This will further guarantee that customers can conduct online transactions on more secure platforms and without any apprehensions.

-Culled from: http://www.vanguardngr.com