UBA Boosts e-Banking With New Security Features

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United Bank for Africa (UBA) has fortified her Internet banking platform a new security measures. The bank says the new security features is for the safety of its customers.  The new features are in three phases -different screens for user Id, Phrase and and Image security measures.

The first requires that customers input their UserID and password on different screens before accessing internet banking servicesThe Phrase and Image feature  requires customers to setup a onetime phrase and image which will be displayed every time on their password screen.
This way, customers can always confirm they are on UBA Internet Banking . Once successfully set, the login screen will be display. The bank explained that these additional features are designed to increase customers’ login security.

The new security measures is UBA’s response to the menace of internet banking fraud, which is currently a serious issue in Nigeria. Cyber fraudsters are alleged to be ripping-off N197.9 billion annually.

Nigerian banks recently were among the ones targeted by the North Korean hackers. The apex bank, Central Bank of Nigeria (CBN), rates e-fraud as the biggest risk in the sector which has widely incorporated electronic payment solutions such as Automated Teller Machines (ATMs) and other mobile banking systems.

Customers have been experiencing losses and inconveniences, after their banks become targets of cyber frauds. The banking sector has however, been advised to invest more on intelligence gathering and information sharing if there is any hope of  mitigating cyber frauds that come with digital banking and payment solutions.

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