Wema Bank reiterates commitment to combating fraud

Hosts seminar to mark fraud awareness week

Wema Bank has reaffirmed its commitment to combating fraud and protecting customers’ financial interests.

This was disclosed at a seminar hosted by Wema Bank to commemorate International Fraud Awareness Week 2024, themed “Share A Story, Stop A Scam”, which held at the bank’s head office in Lagos.

Representing the bank’s MD/CEO, Moruf Oseni, Executive Director of Retail and Digital Business, Tunde Mabawonku, emphasised the importance of awareness in preventing fraud.

Mabawonku noted that the increasing sophistication of fraudulent tactics requires a proactive approach to combating fraud.

“Fraud and scam are no longer news, and with each day, fraudulent tactics continue to evolve,” Mabawonku said. “As an institution, we have a role to play, and this is why we remain unrelenting in our fight against fraud.”

He noted that the bank’s efforts to combat fraud include educating customers on fraud prevention, adding, “We go a step further in ensuring that our customers are also equipped to complement the work we do in terms of maintaining their financial security, and we do this through awareness, information, and education.”

Also speaking at the seminar, Assistant Commissioner of Police at the Special Fraud Unit of the Nigerian Police Force, Femi Akinola, encouraged institutions to promote awareness and monitor unusual activity.

“Victims of fraud should be willing to work with the Police in providing the required information and documents to aid investigations,” Akinola said.

Akinola also emphasised the importance of collaboration between institutions and law enforcement agencies in combating fraud.

“We must work together to share information and best practices in order to stay ahead of fraudsters,” he said.

On his part, Assistant Commander of the Economic and Financial Crimes Commission (EFCC), Oguzi Moses also commended Wema Bank for its efforts in combating fraud.

“Wema Bank has shown openness to collaboration and has played a significant role in spreading anti-fraud awareness.”

Moses also commended Wema Bank for disconnecting seven FinTechs found guilty of fraud from its network earlier in 2024.

“This is a clear demonstration of the bank’s commitment to protecting its customers and maintaining the integrity of the financial system,” he said.

Earlier in 2024, Wema Bank disconnected seven FinTechs found guilty of fraud from its network and continues to empower its customers with insights on evolving fraud tactics and channels for escalation through its Anti-Fraud Campaign.