..Takes action against fraudulent FinTech partners
Wema Bank has launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.
As the bank at the forefront of digital innovation and a top enabler in the Financial Technology (FinTech) landscape, Wema Bank powers a plethora of FinTechs across Nigeria, allowing them to operate seamlessly through Wema Bank’s third Party Wallet Accounts.
Due to the recent hike in fraudulent inflows into these wallet accounts, the bank has taken a firm action against fintech partners whose account activities have been found guilty of fraud.
Through the anti-fraud campaign launched recently, the financial institution investigated, identified, and disengaged three FinTech partners for Fraud and suspended four FinTech partners from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to CBN KYC guidelines.
Wema Bank’s Chief Audit Executive, Oluwole Esomojumi, disclosed that the anti-fraud campaign is designed to protect customers from fraudulent activities and providing them with necessary information for detecting the evolving tactics of fraudster and to also solidify the bank’s position as the bank that stands fully against fraud.
He said: “The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have good understanding of what interaction or engagement are telltale signs of fraud and how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank Anti-Fraud Campaign. We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.
“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from Fintech who use our platforms. Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one. No fraudster is safe with Wema Bank because at Wema Bank, customer safety is our priority and empowering the lives and businesses of every customer is our mission.
“The fight against fraud is one that is personal to Wema Bank and with the sturdy layers of security measures initiated and executed by the bank to sustain consumer protection beyond the direct responsibilities of the bank, Wema Bank is making its entire ecosystem inconducive to fraudsters.”
He added that there is an ongoing audit and review of the bank’s FinTech partner processes as part of plans to ensure that anticipated results are achieved.
“The Anti-Fraud Campaign targeted at creating awareness, educating, and equipping customers with necessary information needed to mitigate, detect and handle fraudulent activities on their bank accounts further underscore the bank’s commitment to safeguarding customers’ finances and personal data.”
