Wema Bank has said that it has removed and suspended about seven fintech partners from its payment gateway platform over fraudulent activities.
This is as the bank launched an anti-fraud campaign to
protect its customers and other Nigerians against fraudulent activities
perpetrated by some wallet accounts and fintech partners.
A statement from the bank on Wednesday revealed that there
had been a recent increase in fraudulent inflows into some wallet accounts
operated by some of its fintechs partners using its third-party wallet
accounts.
To tackle the development, Wema Bank said that through its
anti-fraud campaign, it had successfully investigated, identified, and
disengaged three fintech firms for fraud and suspended four others from its
platform in its ongoing efforts to ensure responsible partnership, adherence to
regulatory procedures and conformance to the Central Bank of Nigeria
Know-Your-Customer guidelines.
“There are ongoing audits and reviews of fintech partners
processes as part of the grand plan to ensure that we get the
anticipated/desired results. 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,” a statement from the bank highlighted.
Wema Bank’s Chief Audit Executive, Oluwole Esomojumi,
disclosed that the anti-fraud campaign was designed to protect customers from
fraudulent activities and provide them with the necessary information for
detecting the tactics of fraudsters.
“The antics of fraudsters are constantly evolving. To stay
steps ahead, consumers must have a good understanding of what interactions or
engagements are telltale signs of fraud and how they can handle suspicious
fraudulent engagements. Hence the launch of the Wema Bank Anti-Fraud Campaign.
We are steps ahead on our end which is why we have taken time to investigate
our fintech partners and those found culpable have been disengaged from our
payment gateway platform.”
“As a bank that is resolute in our stance against fraud, we
cannot compromise the safety of our beloved Nigerians, especially when these
threats of fraud are emanating from fintech who use our platforms. Rest
assured, there is no room for fraudsters here. We have multiplied the frequency
of our security checks and are committed to rooting them out. No fraudster is
safe with Wema Bank because at Wema Bank, customer safety is our priority and
empowering the lives and businesses of every customer is our mission”, he
concluded.
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