First Bank upgrades online banking platform to curb rising fraud

Semiu Salami
Semiu Salami
A First Bank branch

Determined to address the rising incidences of internet fraud, First Bank of Nigeria, Plc, has upgraded its internet banking platform, in line with the mandates of the Central Bank of Nigeria (CBN).

Data from the Nigerian Inter-Bank Settlements Systems (NIBSS) has shown that financial institutions have lost a whooping N159 billion to electronic fraud between 2000 and the first quarter (Q1) of 2013.

The new First-Online banking platform, according to the bank, was upgraded to give customers better choice of accessing banking services without having to leave the comfort of their homes or offices.

The upgraded platform, the bank said, now comes with enhanced security features, with multiple level security authentications such as two page login, personalised true stamp page, intelligent question and token authentication to protect customers from online fraudsters.

“These fraudsters are getting smarter. They have a whole lot of resources available to them. As we improve our online systems, they are also coming up with sophisticated online attacks,” Chuma Ezirim, head, eBusiness, First Bank Plc said, even as he emphasised the need for better customer education.

“I think banks should invest more in customer education. If customer awareness is high, there is no way a customer can be defrauded,” he said at media briefing in Lagos recently.

As part of the security measures in place to protect the customers, First-Online, the bank said has taken into consideration the safety, security and convenience of its customers that desire quick and easy banking transactions by providing multiple levels security authentication access across all mobile and desktop devices whenever and wherever they are in the world.

According to the Head, Marketing and Corporate Communications, Folake Ani-Mumuney,’ the new First Bank online banking platform, First-Online offers among others unique security interface that enables user to create a true stamp page identity which is exclusive to the customer’s login page and ensures that customers are only guided to the authentic personal login page for their transactions with unique token pin as final transaction authentication

The platform has also taken into account, the ease of navigation for customers who are not so technically-savvy with simple and easy to use navigation page with a glance through menu bar of platform features with ease of access on all mobile devices such as; Ipads, laptops and mobile telephones for the delight of customers.

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