FirstBank Leads War Against Fraud, Wins Global Cybersecurity Award

The managing director and chief executive officer of FirstBank, Dr. Segun Alebiosu, has disclosed that the bank prioritises investment in fraud management and consumer protection to guarantee customer confidence in the banking sector.

Alebiosu, who spoke during an interview with journalists on the sidelines of the opening of the 18th Annual Banking and Finance Conference, with the theme, “The New Economic Playbook: The Intersection of Banking, Policy, and Technology,” organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, said fraud erodes trust and threatens the gains of Nigeria’s digital financial inclusion drive.

He explained that while the surge in digital payment systems is transformative, it has opened new avenues for fraud, especially among rural dwellers with limited digital literacy. “The most pressing issue today is fraud. With the digitalisation of payment systems, every day you hear about fraud. Rural dwellers are the most affected because they don’t fully understand how to use digital platforms,” he said.

Despite these challenges, Alebiosu stressed that FirstBank is leading efforts to strengthen the sector through innovation and consumer protection. He disclosed that the bank chairs the Bankers’ Subcommittee on Fraud and has invested heavily in cutting-edge cybersecurity systems.

“People do know that FirstBank is safe and secure. Today, we account for about 20 per cent of payments processed through the Nigeria Inter-Bank Settlement System (NIBSS). That is a testament to our efficiency and innovation,” he stated.

To further protect customers, Alebiosu said the bank has a Chief Customer Experience Officer and robust complaint management structures to ensure swift redress. He added: “We invest a lot in fraud management and consumer protection because, ultimately, customer confidence is at the heart of banking. While some complaints arise from customer errors, we take responsibility as a bank to safeguard trust in the system.”

Underscoring its commitment to robust security, Alebiosu revealed that FirstBank recently clinched additional international award for excellence in cybersecurity leadership & Innovation at The Excellence Prime Awards in Paris, and also cliched the CISO of the Year award at the 17th ISACA Annual Congress in Abuja, where the Bank also won the award in Corporate Excellence.

“This recognition reaffirms our role as a forward-looking institution, committed not only to driving innovation but also to ensuring the safety and security of our customers,” he said.

He also identified Nigeria’s challenging macroeconomic climate as another major obstacle facing the banking industry. “Harsh economic conditions are directly affecting businesses, and by extension, banks,” he explained.