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Union Bank canvasses collaboration on e-fraud control

By BusinessNews Staff on October 8, 2014

The Group Managing Director of Union Bank Plc, Mr. Emeka Emuwa, has said stakeholders in the banking sector must work together to end electronic fraud.

Emuwa challenged internal auditors in the industry to tackle the emerging trends in e-fraud, which has been threatening the growth of the e-payment subsector.

A statement by the bank quoted Emuwa as giving this charge while addressing members of the Committee of Chief Internal Auditors of Banks in Nigeria at its 28th quarterly meeting hosted by Union Bank in Lagos.

Emuwa, who was represented by the Executive Director, Corporate and International Banking, Mr. Emeka Okonkwo, however, noted that e-fraud was not just a Nigerian problem but a global challenge.

In order to tackle the ugly trend, the banker called for collaborative approach, proactive strategies, realigned processes and realistic action plans.

“While winning the war against cybercrime seems like a daunting task, it is not an impossible one and would require key stakeholders to effectively work together to surmount the challenge,” Emuwa said.

Emuwa urged the committee to also foster collaboration within the banking sector while constantly upgrading their skills, knowledge and techniques.

These, he said, would help boost the confidence level of the banking public in the e-payment system.

Meanwhile, Union Bank said it had been certified with the Payment Card Industry Data Security Standard.

PCI DSS is a global security standard for protecting card data, created by leading card companies Visa, MasterCard, American Express, Discover and JCB.

The bank said it was presented with the certificate after undergoing a rigorous successful audit of its operations which was conducted by PCI DSS Qualified Security Assessor – Panacea InfoSec in conjunction with its local partner – Digital Encode.

“This certification gives the bank the added incentive to offer its customers improved data security to protect them from card fraud, identity theft, insider threats, cybercrime, hacking and other security vulnerabilities,” the statement added.

The Head Corporate Affairs/Corporate Communications, Mrs. Ogochukwu Ekezie-Ekaidem, said the bank’s top priority was security and protection of customer data, as well as compliance.

“This certification is further proof of our commitment to provide quality service to our customers and we are proud to be compliant with PCI DSS’s stringent security requirements,” she said.

[Punch]

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