UBA Hosts Annual Fraud Awareness Week Focusing on Digital Banking Security
A high-profile panel session convened by United Bank for Africa (UBA) Plc marked its annual Fraud Awareness Week, dedicated to the theme “Combating Fraud Risk and Cyber Theft in Digital Banking.”
The event took place as a hybrid session at UBA’s headquarters in Lagos on Friday, attracting regulators, industry experts, and stakeholders from the financial and cybersecurity sectors. This significant gathering is part of a week-long initiative aimed at raising awareness and promoting dialogue among various participants.
Welcoming the attendees, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, characterized the campaign as one of Africa’s most impactful anti-fraud initiatives.
“In recent years, we have embraced an essential truth: fraud prevention transcends mere events; it constitutes a cultural shift and a shared responsibility. Initially envisioned in 2023 by the UBA team, this campaign has evolved into a continent-wide movement that enhances trust, safeguards clients, and upholds the integrity of digital banking throughout Africa,” Alawuba remarked.
He further emphasized that the week-long campaign aims at amplifying efforts to detect, deter, and dismantle fraud at all customer interaction points.
The keynote address was delivered by the multifaceted scholar-practitioner, Godwin Oyedokun, who asserted that fraud is inherently premeditated. He urged participants to embrace technology as a pivotal solution, recommending a transition from reactive measures to predictive strategies.
“Our focus should shift towards proactive measures that render fraudulent activities unattractive. Investing in prevention is far more beneficial than incurring costs for detection and remediation,” Oyedokun stated emphatically.
In his opening remarks, UBA’s Group Chief Internal Auditor, Kayode Ajayi, underscored that combating fraud is an ongoing endeavor. He highlighted the bank’s proactive fraud prevention strategies, which include continuous system enhancements, AI-driven transaction monitoring, and relentless cybersecurity oversight across its global operations.
The discussion featured esteemed panelists such as Adebayo Adebesin, Bright Anyanwu, and Fiyinfolu Okedare, with the session moderated by Sheri Adegbenro, Chief Audit & Compliance Officer at Eko Electricity Distribution Plc.
Panelists commended UBA for spearheading fraud education and fostering open discourse on digital safety within the banking sector. They stressed the urgent necessity for robust collaboration across the industry, fortified defense mechanisms, and sustained technological investment to effectively address the burgeoning threats posed by fraud and cyber theft in today’s rapidly evolving digital banking landscape.
Representatives from regulatory bodies, including the Central Bank of Nigeria (CBN), the Association of Chief Audit Executives of Banks in Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC), and the National Deposit Insurance Corporation (NDIC), participated in the event.
United Bank for Africa stands as one of the largest employers in the African financial sector, boasting a workforce of 25,000 employees and serving over 45 million customers worldwide.
The bank operates in twenty African nations, as well as in the United Kingdom, the United States, France, and the United Arab Emirates, offering a comprehensive range of retail, commercial, and institutional banking services while pioneering efforts in financial inclusion and technological innovation.
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