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Firms Launch Clari5 to Stem Frauds in Financial Institutions

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CWG Plc and Customer XPs Software have launched new sophisticated software that provides real-time detection and prevention of cyber threats into the market.

Firms Launch Clari5 to Stem Frauds in Financial Institutions

The software, known as Clarii5 is a real-time intelligence solution that provides real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform. It is also a fraud detection, monitoring and prevention solution that monitors suspicious patterns across transactions, events, users, accounts, systems in real-time and responds with the right action to pass or block transaction, or generate real-time alerts for manual investigation.

Moruf Yusuf, chief technology officer, CWG, said Clari5 would help the financial industry to checkmate the threats of digitisation while benefitting fro the global trend.

He explained that the partnership with CustomerXPs started in 2019  to ensure that Nigerian banks and other financial institutions have access to globally acknowledged technology to tackle cybercrimes.

He outlined that the product, which has also been launched in Ghana has started off to well as it has already on-boarded one of the largest financial institutions in Nigeria and three Ghanaian banks.

“We are also in discussions with other banks in Nigeria too to see how we can bring them on our platform. We are able to do this because we have a solution that can prevent fraud in real time online. Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us.

“Beyond that, we have actually done so many Proof of Concepts (POCs) and we are sure that before the end of this year, we are going to add more logos to the list of clients that we have,’ he added.’

“We have also been able to customise our solution to meet the Central Bank of Nigeria’s (CBN) requirements. Beyond that, we have good local support and interestingly, we are not affected by the dollar regime and because of this unique partnership, we are able to accept local currency payments. We are also connected to all the payment channels so that if any transaction is to take place, we are the first to know and to determine if it is fraudulent or not.

“Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us,” Yusuf said.

Rivi Varghese, chief executive officer, CustomerXPs Software, described Clari5 as an “intelligent soul” for financial transactions as it uses the the best of technology to help financial institutions achieve their financial crime risk management.

According to him,  Clari5 real-time intelligence solutions are deployed enterprise wide using commodity hardware in some of the biggest global banks with the solution suite providing real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform.

“CWG is in partnership with Clari5 to help African banks combat financial crime in real-time. When economy start growing, financial growth start increasing in the country, and fraud happens.  This is a moment of growth for Nigeria because the best of technology for crime management is meant for Nigeria and that’s why we’re working with CWG

“Based on our experience, we are a global category leader and we have 60 banks as a subscriber. You know, in almost every bank, they will recover a couple of multiple times their investment in the same year itself in terms of preventing frauds. So, let’s say, for putting a solution like this, they spent $10; they would have recovered $40 to $50 in one year” Varghese said

He explained that the software would be connected to everything in the financial institution starting from mobile, internet banking, Automated Teller Machines (ATMs), banking hall among others adding that the software is constructed in a way to identify details of the customers before agreeing to a transaction.

“When the details of the customer do not correspond or when there are too many enquiries on the customers’ details or there is a suspicion on the transaction, it automatically blocks the account of the customers to ensure it is not hacked.

“This is why we are bringing this concept to Nigeria because payment is slowly becoming faceless and with the unprecedented growth of cybercrime, there is a need to leverage on this concept so that the severity of fraud is reduced,” Varghese said.

Mr. Olatunji Kehinde, business director, Financial Service Institution, CWG, noted that as digitization leads to increased expansion and aess, there are also developing threats.

He identified cybercrime as one of such threats that must be talked in order to ensure that customers can transact e-commerce and other electronic transactions confidently.

“We are all opportune to be alive at this wonderful time in history. Wonderful because we’re seeing the growth of technology more than ever before affecting all spheres of life in a very transformative way. But as that expansion and transformation is going on, there are challenges and threats. One of these threats-cyber security threat; is one of the greatest risks to the evolution of what we call the fourth industrial revolution

“So our job is to help our customers to be able to engage confidently in this new era. You want to do ecommerce,  you want to do electronic transactions, you can do it confidently knowing that you have the platforms and the tools to keep your company and your customers safe and secure,” Kehinde said

 

 


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E-Financial

Cybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions

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Dr. Kingsley Chibuzor Aguoru, a Nigerian-British Chartered Engineer and Doctor of Information Security, has petitioned the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to immediately put a halt to card PIN usage for online payments to protect Nigerians from being fleeced of their hard earned money.

Cybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions

He said he was making the passionate appeal in order to secure financial practices in the country.

According to the UK based chartered Engineer, with his over 20 years of experience in financial technologies and security, who pioneered the concept of OTPs for card-not-payments, he was compelled to bring attention to the critical flaws in the Nigeria’s current online card payment practices, which exposes customers to unnecessary risks and significant danger.

Specifically, according to Aguoru, the continued use of PIN in online transactions put Nigerians at a grave risk of being defrauded.

Aguoru noted that card PINs were designed for face-to-face transactions at ATMs and POS terminals where secure encryption methods protect users rather than online usage.

In the petition cited by this paper, titled: “Urgent Call to Ban Card PIN Usage for Online Payments in Nigeria”, Dr. Aguoru explained: “In 2005, I developed a solution to tackle prevalent fraud in card-not-present transactions in the United Kingdom using both online and offline OTP models, drawing on Cartesian geometry. Although major networks like Visa and Mastercard declined the innovation at the time, my OTP model has since become a standard worldwide for authorization.

”Nigerian payment providers, such as Paystack and Flutterwave, and Interswitch still require card PINs for online card transactions, a practice virtually obsolete elsewhere or not ever used. Card PINs are designed for face-to-face transactions at ATMs and POS terminals, where secure encryption methods protect users. Using them online exposes consumers to serious cyber risks, including phishing, keylogger, man-in-the-middle attacks, even some dubious staff at the payment provider company can misuse customer’s PIN captured on the internet.”

He continued: “Nigerians are already familiar with OTPs for securing online transactions. However, it is critical to understand that OTPs should never be combined with Card PINs in an online setting. Instead, global best practices require using OTPs or Multi-Factor Authentication alone for online payments, which adds a secure layer of protection, an alternative to using card PINs online is to issue hardware card readers. With these devices, customers would simply insert their card, enter their PIN directly on the reader, and receive a generated OTP, keeping the entire process offline and secure.”

Enumerating the role of CBN in financial matters in the present digital age, Dr. Aguoru called on the apex financial regulator to protect consumers from cyber vulnerabilities. “I respectfully call on the CBN to address these issues head-on by prohibiting web PIN entry for card payments and enforcing OTP or MFA requirements across all payment providers.”

He advised the CBN to urgently steps forward for the safety of Nigerian cardholders by banning the use of card pins for online transactions and mandate the use of OTPs or other dynamic authentication methods, such as authorization through mobile banking apps.

He noted that there was need for consumers to be educated on safe online payments practice to minimize exposure to phishing and other cyber threats.

He said it was also necessary for the apex bank to enforce industry wide compliance with modern security standards to protect Nigerian customers, especially on the web, through policies, such as security, payments compliance policies.

Aguoru emphasized that by adopting these measures, the CBN will greatly reduce the risks Nigerian consumers face and bring the nation’s payment systems in with international best practice.

 


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E-Financial

MoneyMaster PSB Customers to Enjoy 10% Data Bonus Per Recharge

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Customers of foremost payment service bank, MoneyMaster Payment Service Bank (MMPSB), will henceforth, enjoy a 10 percent data bonus offer on every recharge above N1,000 on their Glo lines.

The data bundle offers one of the highest volumes in the country and the data purchases come with 30-day validity, with an automatic rollover of unused data upon subscription for a new plan.

The offer, which is meant to reward loyal customers and new ones, also underscores the bank’s dedication to empowering Nigerians to master their money via efficient offers that make every naira count.

The 10 percent bonus offer is available for Glo customers on banking channels including the MoneyMaster PSB app, USSD banking code *995# and MoneyMaster PSB Web banking.

MoneyMaster is a provider of innovative digital financial products and services that transform lives. It has the mission to deepen financial inclusion and has been pivotal in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.

Mr. Julius Arhebun, head of Agency Banking at MoneyMaster, said, the offer shows the bank’s commitment to offering its customers products that enhance their lifestyle and help them master their money.

“With this offer, our existing and new customers can enjoy extended access to quality internet services whether it is streaming their favourite content, browsing top sites, or catching up on trends on their favourite social media apps”, he noted.

He further explained that existing customers can buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. For new customers, the offer comes via opening accounts via the USSD banking platform or downloading the mobile application.

 


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UBA Set to Establish Subsidiary in Saudi Arabia

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United Bank for Africa (UBA) Plc, Africa’s Global Bank, has set the wheels in motion to expand its operations in the Middle East with plan ongoing to open a subsidiary in Saudi Arabia, its largest economy.

UBA Set to Establish Subsidiary in Saudi Arabia

This move which is expected to happen within the next year will mark the bank’s second subsidiary in the Gulf Region, following the expansion of its business to the United Arab Emirates in 2022.

Muyiwa Akinyemi, group deputy managing director, UBA, who disclosed this during a panel session during the 8th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia and in an interview with Arise TV, underscored the bank’s strategic commitment towards fostering Africa’s growth through infrastructure development, youth empowerment, and sustainable partnerships across key global markets.

He said, “Opening a presence in Saudi Arabia represents the next step for us in connecting the Africa-Gulf region. We are excited to bring UBA’s expertise in financial services to Saudi Arabia, where we aim to facilitate knowledge transfer and create strong economic linkages.

“This venture will further enable us to access Saudi expertise in food security, energy transition, and sustainable practices, which are all critical for Africa’s continued development.”

While emphasising the importance of Africa as a strategic investment destination for long-term capital, he said, “Africa’s infrastructure deficit is an opportunity for investors worldwide. Our pitch to the Gulf and Southeast Asia emphasizes that Africa must be part of their investment horizon. Today, food security is paramount as our population expands.

Akinyemi also highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship.

“Guided by our Group Chairman’s efforts with the Tony Elumelu Foundation, UBA is committed to supporting young entrepreneurs in tech, agriculture, and entertainment, which are all burgeoning sectors in Africa. With such a young and dynamic population, we see enormous potential for innovation and growth.”

He also reiterated the bank’s continuous support for Small and Medium Enterprises (SMEs) in Africa and beyond as he outlined the bank’s commitment to these businesses, which he referred to as key players in the African economy and vehicles for employment and economic growth.

“SMEs are the backbone of economic development in Africa. They contribute significantly to job creation and value chains, particularly within Nigeria. Over the last year, UBA has committed billions to support SMEs across Africa, and our network of over 20 countries enables us to make a substantial impact.”

During the panel discussions, Akinyemi took time to emphasize UBA’s longstanding experience on the continent as it navigates an ever-evolving investment landscape, adding that “As investors, we focus on infrastructure and sustainable projects that encourage economic prosperity while addressing pressing issues such as talent migration.

“Our goal is to ensure that people can thrive in Africa without needing to relocate. By investing in local talent and fostering growth sectors, we contribute to building the next generation of global innovators right here in Africa,” he noted.

The DMD further articulated UBA’s approach to risk management on the continent, emphasizing that the bank’s 75-year history has uniquely equipped it with insights and strategies to navigate diverse markets.

“With over seven decades of experience, Africa is what we know, and that knowledge allows us to manage risks effectively. We see tremendous opportunities in various sectors across the continent, and our continued investments are driven by a commitment to bring economic empowerment to communities, increase GDP, and improve socioeconomic quality. Our anniversary is a celebration of UBA’s legacy of contributing to Africa’s progress. We look forward to leveraging this milestone to drive even greater impact across sectors and empower future generations,” he said.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.


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