The UBA Example of e-Banking Security

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.