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Trustbank Amanah uses iMAL Islamic Core Banking Platform to Power Suriname Islamic Bank

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Path Solutions, a leading global Islamic core banking software, consulting and services organization, announced that Trustbank Suriname, now Trustbank Amanah, has gone live on iMAL Islamic core banking platform with the successful transition of the bank from conventional to Islamic banking business model, a major milestone in the South American banking system as large banks in South America are tipped to tap into growing Sharia-compliant demand.

To help differentiate itself as the first Islamic bank in Suriname, Trustbank Amanah selected the dynamic iMAL after an extensive review of global core banking system vendors.

“It’s a significant landmark not just for Trustbank Amanah, but for the banking industry in South America”, commented Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. “The successful deployment of iMAL at Trustbank and its transformation into a full-fledged Islamic bank is testimony to the commitment from both Trustbank and Path Solutions to make this happen. We are proud to witness the first iMAL Go Live in South America, and proud to be the preferred IT partner of Trustbank Suriname in their strategic initiative”.

Founded on August 30, 1989, Trustbank is a private bank with expertise in the areas of savings, loans, investments and asset management. Trustbank has opted at a strategic level for a new business model to enrich the banking landscape in Suriname, the Caribbean and Latin America. The bank embarked on the conversion last year.

Today, Trustbank Amanah offers pioneering Islamic banking products which can serve as an incentive for economic development and diversification, obviously differentiating itself from the competition and expanding its product range. This strategic transformation initiative is foundational to Trustbank Amanah’s objectives in supporting Sharia compliance, as well as highly personalized customer service.

Commenting on the Go Live, Maureen Badjoeri, Trustbank Amanah CEO, said, “Path Solutions’ experience in banking platform conversion has been demonstrated extensively throughout the globe. Their extensive track record of successful implementations, and their focus and flexibility in ensuring that each and every project is a success is unparalleled.

A project of such complexity was executed in a record breaking timeframe by the joint team. We are proud of what we have achieved. From now onwards, iMAL will enable us to provide innovative retail banking services and products in conformity with Islamic law. It will also drive digital transformation, greatly enhancing customer experience, increasing efficiency and transparency of our banking operations”.

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E-Financial

Regulators Mull Clampdown on Accounts, GSM Phones Used for Fraud

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Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) may soon introduce a scheme that will enable banks and telecommunications companies to ban owners of any bank account or the Global System for Mobile Communications line traced to fraud.

 

The CBN, NCC is reportedly working with the Nigeria Deposit Insurance Corporation (NDIC) following the spate of electronic fraud involving (USSD banking) telephone lines and Internet banking transfers.

 

When introduced, owners of any bank account or GSM line traced to any fraud case, especially electronic fraud, would be banned for life from operating any bank account or GSM in Nigeria.

The pervasive electronic banking fraud in the banking sector has left customers, banks and regulators waxing worriedly.

 

Some experts claimed that the most significant risks to banks are self-serving or criminal acts carried out by some insiders.

 

According to them, when these insiders use their technical knowledge to alter or disable security controls, it can be even more difficult to detect abuse.

 

But it becomes more dangerous when insiders conspire with criminals outside, showing that depositors money in the banks are not safe.

 

For instance, fraudsters now inundate banks’ customers with SMSes to authenticate accounts with banks.

 

The preciseness of the messages with accompanying data show they could only have gotten the details from insiders in the banks.

Elsewhere, cyber security experts have also  berated telecommunications operators over the prevalence of SIM swap fraud in the country, arguing that such fraud could be possible with an insider in the network operator of the subscriber that is targeted.

 

SIM swapping is a sophisticated form of fraud and falls under social engineering. Fraudsters will distribute phishing emails, trying to ascertain as much personal information from victims as possible.

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E-Financial

FCMB Promotes Entrepreneurship Among Youths

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First City Monument Bank, FCMB, has sponsored capacity building programme for almost 1,000 members of the National Youth Service Corps, NYSC.

Tagged: ’Youth Entrepreneurship and Empowerment Programme’, it was in partnership with Activate Success Foundation.

Commenting on the initiative, Mr. Olu Akanmu, Executive Director, Retail Banking at FCMB,  said: “FCMB Flexx account empowers Nigerian youths with the entrepreneurial and employability skills they need. Many youths set up their own businesses from their campuses.

FCMB will be there with them to provide the necessary entrepreneurial and business skills they need to make great successes out of their businesses.

FCMB will also provide great support for the youth businesses and work with them to nurture and grow the youth entrepreneurial ventures.”

Also speaking, Founder Activate Success, Love Idoko said: ‘’I have a penchant for motivating people. There are business-minded youths out there that are just looking for mentorship or business ideas and funds to start their businesses.”

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E-Financial

Global Heists on ATM Machines Imminent- FBI

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America’s Federal Bureau of Investigation (FBI) has warned banks in Nigeria and others across the globe that criminals are gearing up to execute a global bank heist in the coming days.

 

In a recent confidential alert FBI told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

 

The FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, or ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

 

The alert said the agency had procured information indicating an attack was imminent and that it was likely an “unlimited operation,” which uses malware to exploit network access and get customers’ card information at a large scale.

Once the criminals get the card data, they create fraudulent copies using reusable magnetic strip cards (like gift cards) and hit the ATMs.

 

“Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities,” reads the confidential alert, which was sent to banks last Friday.

 

“The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”

 

The alert urges banks to review their security systems and use two-factor authentication with a physical or digital token.

 

Other tips include monitoring and limiting administrator and business accounts with the authority to modify typical fraud controls like maximum withdrawal amounts and number of daily ATM transactions.

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