Wema Bank, one of the Nigerian commercial banks, has denounced its partnership with over seven fintech companies from its payment gateway platform over fraudulent activities.
This is a reaction to Wema Bank’s anti-fraud campaign to protect its customers and other Nigerians’ interests and finances against fraudulent activities initiated by some fintech partners.
On Wednesday, April 17, 2024, the bank revealed a recent rise in fraudulent transactions in some wallet accounts operated by some of the fintech companies via their respective third-party wallet accounts.
To curb the fraudulent activities, Wema Bank has initiated an anti-fraud campaign, which has successfully aided the investigation, identification, and disengagement of three fintech firms for suspected fraud and suspended four others from its platform to ensure and prevent a financial breach in the bank.
The campaign also protects customers’ interests, safeguards their money, and ensures responsible partnerships that follow regulatory procedures and conform to the Central Bank of Nigeria with the tag Know-Your-Customer guidelines.
A statement for the bank highlighted ongoing audits and reviews of fintech partners’ processes as part of the grand plan initiated to arrive at the anticipated/desired results. The statement emphasized that
“The Anti-Fraud Campaign targeted at creating awareness, educating, and equipping customers with the necessary information needed to mitigate, detect and handle fraudulent activities on their bank accounts further underscores the bank’s commitment to safeguarding customers’ finances and personal data.”
Furthermore, Wema Bank’s Chief Audit Executive, Oluwole Esomojumi, stated that the antics of fraudsters are rising, and the bank is on its toes to ensure they are well informed and have a deep understanding of every telltale sign of fraud to enable the bank cyber security team to stay a step ahead to avoid compromise and breach in the financial institution.
