First Bank of Nigeria Limited (FirstBank) says it has spent more than N15 billion to protect its systems against criminals over five months between January and May.
Olusegun Alebiosu, the Chief Executive Officer (CEO) of FirstBank, said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.
Alebiosu, who spoke to NAN on the sideline of a two-day National Seminar on Banking and Allied Matters for Judges, said the Bank had spent three N3 billion in June to protect its systems.
He said the bank had the best cyber security framework in the country, hence the investment.
The CEO who was speaking on the increasing number of attacks by cybercriminals, especially on banks’ systems, assured First Bank customers of the safety of their monies.
Alebiosu frowned at the rate at which some citizens were involved in cybercrimes, saying the country must move fast to curb their excesses.
He said: “No customer would lose their money in FirstBank unjustly.
“If their money is missing in FirstBank, First Bank will pay it back.
“Before I joined FirstBank, I had an account with the bank.
“One of the reasons why I had an account with FirstBank was, I said to myself, if my money is missing, it is the only bank I know I will collect my money without any excuses.”
Reacting to some customers’ complaints on the delay by the bank to handle cases of fraudulent transactions, Alebiosu said the bank must conduct investigations involving different stakeholders.
The CEO said the delay was caused by the collaboration between the stakeholders involving security agencies and banks where the money was transferred to determine the realities about the cases.
He urged customers to tread carefully in handling and releasing their financial information.
He said: Customers themselves, most times, also compromise their own security details.
“I have seen a lot of people that give their cards to somebody to help them withdraw money from ATMs.
“They compromise their passwords.
“So when something happens and you say, my money disappeared, you forget the day you gave your card to someone else and they can use that to transfer your money.
“Some people compromise even their own ID on the system carelessly.
Also Read
- Atiku, Osinbajo, Amaechi, Tambuwal, Amosun, others arrive Daura for Buhari’s burial
- Breaking: Tinubu receives former President Buhari’s remains on arrival in Nigeria
- Buhari could’ve long been dead if he had decided to be treated in Nigeria – Ex aide Adesina
- 2027: Edo PDP preaches unity to defeat Tinubu
- NAPTIP flags off nationwide training on human trafficking data collection
“Some give their Bank Verification Number (BVN) and they use it against them.
“Now, why does it take time for the bank to react?
“Everything you give to the bank, the bank has to investigate it.
“The money might have gone to other banks.
“So you start tracking from other banks, but sometimes customers are impatient.”
On frauds allegedly perpetrated by staff, Alebiosu said the bank had internal employee fraud software that monitors activities of employees on the system.
He said: “So if there are triggers, people will be involved.
“It is for us to run faster than them, and see how we can help to stop these kinds of things in our system. but wherever we see it, we deal with it decisively.”
He said that various stakeholders, including banks, law enforcement agencies, and judiciary, have a role to play in curbing cybercrimes.
Follow The Eagle Online Channel on WhatsApp
