Why Banks Must Protect Its Customers From Cyber Criminals – Magu

Mr Ibrahim Magu, the Acting Chairman of the Economic and Financial Crimes Commission (EFCC) has urged financial institutions in the country to do more towards ensuring that their customers are protected from the nefarious activities of cyber criminals.

Magu made this appeal on Saturday, January 11, 2020 while speaking as a guest speaker at an event organised by Ilorin Bankers Committee, titled: “Cyber Crimes Threat and Challenges: the role of Financial Institutions. “

The EFCC boss, who was represented by Head, Advance Fee Fraud Unit, Ilorin Zonal Office of EFCC,  Mr Olamide Sadiq tasked financial institutions on awareness creation and education of their customers on the antics of cyber criminals and to collaborate with law enforcement agencies and their in-house cyber security units to identify suspicious activities.

“As financial institutions, you must make sure you create awareness and educate your customers on the dangers of internet fraud and other fraud-related offences,” Magu stated while  advocating for information sharing on cyber crime and money laundering among financial institutions.

He noted that there instances where bankers collude with criminals to defraud their customers, and urged financial institutions to do background checks of their staff before employing them.

Packaged by Emmanuel Okafor