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The UBA Example of e-Banking Security

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Security of a customer’s financial information is very important; without which electronic banking could not operate.

Electronic banking-eBanking for short is designed to increase convenience for the consumer, while reducing banking costs.

Customers can also use their cell phones to check their balances, transfer funds and pay bills. 

This convenience allows customers to handle many transactions without even having to speak to customer service agents or visit their banks.

Unfortunately, the Internet can also cause customers to be victims to identity thefts and security breaches.

In fact, one of the biggest problems with electronic banking is security.

For example, through so-called phishing, where someone tries to trick a customer into revealing sensitive information, or pharming, where malicious code is introduced into a computer, customers can become victims to identity theft.

These issues are often beyond the banks’ control, as criminals try many tactics to obtain customers information.

At ATMs, thieves can also hack the system, so customer’s personal identification number (PIN number) and card number is stolen.

Some responsible financial institutions are however moving ahead of this dangerous gang of unarmed but lethal online thieves.

That is why we commend UBA Plc, the Pan-African financial powerhouse which has continuously demonstrated its commitment to making online banking as safe as possible.

It has implemented multiple layers of security for online banking and is continuously upgrading it, to protect customer from online frauds.

UBA was one of the first banks to introduce physical token for more security to internet users and it is available on request at UBA businesses offices.

The token is a physical handheld device that dynamically generates a password which a customer can then use when making internet based transactions with his account.

It however added the big one last week when it commissioned a state-of-the-art Security Operations Centre (SOC) & Forensic Lab that provides all round security monitoring for all electronic banking transactions; the first of its kind for a bank in Nigeria and sub-Saharan Africa.

The SOC empowers the bank to securely deliver electronic banking services to its esteemed customers, effectively manage all form of information security threats and provide a robust protection to its systems, network and electronic banking channels.

Nigeria CommunicationsWeek believes that this centre is an important milestone in the industry that must be emulated by other banks because of the global threats to electronic banking.

It is worthy of note that the bank on its own made this deliberate decision to invest in a robust information security infrastructure, processes and skilled personnel as an effective way to manage information security threats.

We commend Phillips Oduoza, group managing director and his team for this initiative and urge the bank not relent in staying ahead of online criminals.

We also agree with Oduoza that any serious banking institution that wants to succeed in this digital age cannot afford to ignore information security as any major compromise of bank’s system and network has potentials for colossal damage.


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Editorial

NDPC Boss Nominated for Global Privacy Assembly’s Giovanni Buttarelli Award 2024

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Dr Vincent Olatunji, National Commissioner and Chief Executive Officer of Nigeria Data Protection Commission (NDPC), has been nominated for the Giovanni Buttarelli Award 2024. The award through the Global Privacy Assembly recognises an individual’s outstanding leadership and exceptional efforts in fostering international collaboration.

Dr Vincent Olatunji

This nomination highlights Dr Vincent’s commitment to driving innovation, expanding global partnerships, and promoting a collaborative approach within the data privacy and protection ecosystem.

Under the visionary leadership of Dr Vincent, the Data Privacy ecosystem in Nigeria has witnessed a remarkable growth through key milestones such as deepening the knowledge of data protection and privacy in all public and private institutions, judicial recognition of adequacy principle in cross-border data transfer, playing key roles in regional and global data privacy ecosystem, commencement of bilateral cooperation with other jurisdictions, licensing of data protection compliance organisations, commencement of national data protection certification process, among others.

Dr Vincent’s strategic and innovative initiatives has been instrumental in forging strong international partnerships, driving sustainable growth, fostering a culture of collaboration which has not only propelled the NDPC to new heights but also set a benchmark for international cooperation and industry standards.

The Giovanni Buttarelli Award celebrates leaders who have demonstrated exceptional leadership and/or promoted collaboration at a regional or international level in the field of data privacy and protection.

Nominees are evaluated based on their contributions to projects that has led to the development of innovative concepts or practices, which have significantly impacted the thinking in the international data protection and privacy community, partnerships, and initiatives that enhance global cooperation and development.

In his response to his nomination, Dr Vincent Olatunji expressed his gratitude and emphasised on the importance of collective effort in achieving global progress. “I am deeply honored to be nominated for the Giovanni Buttarelli Award 2024” said Dr Vincent.

“This recognition is a testament to the hard work and dedication of our entire team at NDPC. It underscores the power of collaboration and the remarkable outcomes we can achieve when we work together across borders.

“I am excited to continue our journey, driving innovation and fostering partnerships that make a positive impact globally,” he said.


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Editorial

Telcos Ask NCC to Allow Them Hike Tariff

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Telecoms operators including MTN, Airtel and Globacom have pushed for cost-reflective tariff in view of extant economic realities.

Telcos Ask NCC to Allow Them Hike Tariff

This was contained in a statement jointly released by the Association of Licensed Telecom Operators of Nigeria (ALTON) and the Association of Telecommunication Companies of Nigeria (ATCON) on Thursday.

The statement was co-signed by Gbenga Adebayo; chairman, ALTON and Tony Emoekpere, president, ATCON.

The telcos called upon the government to take decisive action in addressing the numerous challenges confronting the telecommunications industry.

The telcos said telecommunications infrastructure development requires substantial investments in network expansion, maintenance, and technology upgrades.

“Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last (11) years, primarily due to regulatory constraints.

“For a fully liberalized and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.

“ATCON and ALTON call upon the government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability,” the statement partly read.

Regarding the Nigerian Communications Commission (NCC), the telcos also said regulatory neutrality and independence are crucial to ensuring a thriving telecommunications sector.

“Statutory provisions lend credence to this notion, as a lack of an impartial regulator will lead to a failure to maintain public confidence in the objectivity and independence of its decisions,” the statement added.


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Editorial

FG Reiterates Commitment to Achieving 17 SDGs

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The federal government has reiterated its commitment to achieving all the 17 Sustainable Development Goals (SDGs) to promote economic growth and eliminate poverty in Nigeria.

The Minister of Special Duties and Intergovernmental Affairs, Senator George Akume, gave the assurance at a news conference on Tuesday, in Abuja ahead of the “Inaugural Partnership Economy Summit”, scheduled for September 14 and 15.

According to Akume, the primary purpose of the summit is to diversify the economy, promote rural growth, as well as generate sustainable jobs for the youths.

Achieving this, the minister emphasised on partnership with other stakeholders as it was the responsibility of his ministry to achieve the aim of its mission and the creation.

“The framework for the upcoming summit, guided by the principles of Public Social Private Partnership (PSPP) is being designed to develop, promote a multi-Iayered collaborative socio-economic platform for the government, the business sector as well as the civil society.

“In order to achieve this, President Muhammadu Buhari established the ministry with the mandate to develop and implement policies, programmes and projects for the effective and efficient delivery of the gains of Economic Growth and Recovery Plan,” Akume said.

He said the ministry was also charged with the mandate of collaborating with the private sector to create employment for a large number of Nigerian youths, adding that it is also meant to implement a strategy towards the realisation of the president’s June 12 promise to take 100 million Nigerians out of poverty in 10 years.

“Nigeria is among the countries in the UN that signed a pact to implement the SDGs by 2030, in the words of Ban Ki-Moon, former Secretary-General of UN in 2016.

“Nigeria is not left out in its plan towards achieving the SDGs, and how far has Nigeria gone to achieving the 806 goals is part of the questions that the upcoming summit seeks to address,” Akume explained.

He stated that to tackle the issue of poverty and unemployment, the ministry is in partnership with a number of stakeholders, including the Ministry of Industry, Trade and Investment; and Small and Medium Enterprises Development Agency of Nigeria.

Others are Raw Materials Research and Development Council, National Orientation Agency, Association of Local Government of Nigeria and SDGs Nigeria as well as MYK Psymmons Solutions Limited to come up with achievable solutions to all the challenges.


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