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CBN Rewards FirstBank’s Fight Against Electronic Fraud

(AFRICAN EXAMINER) – It was another night of reward, with FirstBank showcasing the strength of its brand by winning  two of the three awards up for grab in the keenly contested Nigerian Electronic Fraud Forum (NeFF) 2017 Annual Dinner and Awards Night held at the Federal Palace Hotel on the 14th of December 2017.

FirstBank FraudDesk emerged as the “Best FraudDesk” and the “most Cooperative FraudDesk” in the Industry, these awards are clear recognition of the efforts of FirstBank in combating electronic fraud as well as curbing cyber-crime, thereby frustrating all forms of criminal activities targeted at its valued customers in every nook and cranny of the country. The winner of the respective categories was generated through an industry-wide online survey carried out by the Central Bank of Nigeria in partnership with NIBBS. The Bank with the majority of votes across all sectors was accorded the winner of the respective category.

The awards prove that investment in security of customer’s funds does have its rewards. Following the appointment of Dr. Adesola Kazeem Adeduntan as FirstBank MD/ CEO, FirstBank management embarked on reengineering program of the Banks technology, operations and upscaling the skill of its personnel with security of its customer’s funds as key priority, given the Banks massive investments in alternate electronic transaction channels and Technology. A key asset in the fight against cybercrime and electronic fraud is FirstBank’s world class Security Operations Center (SOC) and FraudDesk with capability to track and monitor customers transactions and carry out intervention efforts and recovery when the need arise using advanced fraud analytics tools and security systems. FirstBank SOC facility with advanced Security technology runs a 24/7 operation with highly skilled staff and State of the art security tools and appliances, the department operates within the office of the Group Executive Technology and Servicers Mr. Callistus Obetta.

In his remarks on the awards, Adesola Adeduntan, MD/CEO, First Bank of Nigeria Limited and Subsidiaries said “Given the growing adoption of alternative channels by the banking community in Nigeria and the increasing threat posed by cybercriminals on the Nigerian Payment System, protecting our customers is a challenge the banking industry will continue to face. The need to collaborate on all fronts in order to be steps ahead of the cybercriminals remains the only option available to combating cybercrime which is why FirstBank FraudDesk and other functions within its operation will continue to champion the industry collaborative spirit to ensure security and the protection of evolving electronic payment climate of the financial sector of the Nigerian economy.”

Uduak Nelson, the Chief Audit Executive of the Bank and representative of the MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan at the event thanked the Central Bank of Nigeria, represented at the event by the Deputy Governor, Operations Mr. Adebayo Adelabu for the recognition given to FirstBank, and assured that the Bank would continue to partner and collaborate with every stakeholder in the industry, including its customers, to ensure the protection of electronic payments and services in the country.


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