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Publication date: December 18, 2022

Experts demand more cybersecurity investments to protect banks

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The advent of technology birthed many innovations including digital banking which has eased banking operations since its inception.

Digital banking has enabled bank customers to access products and services through electronic/online platforms without necessarily utilising banking halls. It has also afforded banks and other financial institutions the opportunity to reach a wide range of customers.

However, it appears the global acceptance which could be attributed to the Central Bank of Nigeria’s cashless policy and the COVID-19-induced lockdown brought about an increase in cyber-attacks and e-banking fraud.

These digital platforms such as Unstructured Supplementary Service Data, mobile banking, internet banking, WhatsApp banking, mobile wallets, Point-of-Sale machines, Automated Teller Machines, and others, have been under threat of cybersecurity risks.The global use of the channels created conduits where hackers devised technological means to rob digital bank users.The 2018 annual report of Nigeria Deposit Insurance Corporation reported an increase in e-fraud occurrences by 33 per cent […]

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