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ICT Expert Advises Financial Institutions To Deploy IT To Keep Their System Safe

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An Information Communication Technology (ICT) expert, Mr Oluwafemi Osho,
on Tuesday, advised financial institutions to deploy integrated Information Technology (IT) security to protect
their systems from cyber attacks and fraud.

Osho, a Lecturer in the Department of Cyber Security Science, Federal University of Technology, Minna, gave
the advice in an interview with News Agency of Nigeria (NAN) in Abuja.

According to him, some financial institutions have fairly protected systems which make them to lose money to
cyber criminals.

He recalled that some students of FUT Minna recently conducted forensic examination on some mobile banking
applications in the country and discovered that most of the apps stored users’ banking information on the phone.

He said that it was not meant to be so, adding that customers banking information was not supposed to be stored
on mobile phones after each use.

He added that “with the research we carried out, it was obvious that security considerations were not given adequate
attention in the development of such mobile banking apps.

“For financial institutions to stop losing money to fraud, they need to be cyber-resilient through implementation of
effective cyber security measures.

“The measures would entail engaging more information from security experts and increase allocation of
budget to security of their infrastructure.

“Financial institutions also need to integrate security in the design of their IT tools and increase the
deployment of Artificial Intelligence-based tools for risk management.”

Osho observed that some financial institutions had continuously lost customers’ money to cyber fraud but bear
the brunt of such occurrences.

According to him, the financial institutions will not disclose such to their customers because of fear of losing them
and liquidation.

He further said that continuous education of bank employees and bank customers was required to keep them
abreast of possible cyber attacks.

“It is a known fact that humans are the weakest link in any security setup and the security of a system is
measured by its weakest link.

“Attackers and fraudsters would normally target the weakest link”.

Osho, while referring to the National Electronic Fraud Forum (NeFF) report of 2017, said that frauds perpetrated via
Automated Teller Machines (ATM) increased by about 40 per cent from N355.9 million to N347.645 million.

He, however, cautioned bank customers to beware of their surroundings while making transactions, adding that they must guard
against “shoulder surfing” — which is someone looking over their shoulder while they are trying to enter their details.

“Never give your Personal Identification Number or other card information to anyone. In the same vein, this information should
not be stored in their phones or computers.

“Bank customers should be careful with the sites they visit and never click a link they are not absolutely sure of because many of
these links can be sent via emails.

“As a rule of thumb, any email that purportedly came from bank requesting customers to click a link and enter their card
information is malicious and such should be discarded.

“Customers should sign up for bank alerts to inform them in the event that any unauthorised transaction is carried out.”

Osho noted that customers should be familiar with the block card feature of their banks.

He said that many banks provide different means for customers to block their card when stolen or lost, without going to
the bank.

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