Experts have noted that the evolving technological progress comes with significant challenges, which must be addressed.
They stated that the same digital platforms driving financial inclusion are increasingly becoming vulnerable to cyber threats, posing risks to individuals and businesses alike.
Chairman, Wema Bank Plc, Yemisi Olurunshola, who gave the keynote address at the sixth CIO and C-suite award held in Lagos, stressed that the consequences of the security breaches are devastating, impacting not only fintech companies but also the end users who entrust the companies with their money.
Olorunshola, who was represented by the chief complaint officer at Wema Bank, Oluwatoyin Karieken, spoke on ‘Securing digital banking in Nigeria: Addressing system vulnerabilities and fraud infliction in the age of fintech’.
She stated that a single weak link in the chain could compromise entire networks, leaving personal and financial data exposed, while massive data breaches, fraudulent transactions and complex money laundering schemes now characterise the evolving threat landscape.
In addressing the challenges, she advised the public on the adoption of various multi-layered security strategies.
“Users must also be educated and equipped with the knowledge to recognise phishing attempts and safeguard their personal information,” she said.
Also speaking, Covener of the CIO and C-suite award, Abiola Leseinde, said the award highlighted the power of innovation while ensuring that professionals driving technological advancement receive the recognition they deserve.
Leseinde noted that the award, birthed in 2020 during the COVID-19 pandemic, was created to spotlight the unseen individuals behind the seamless transition to remote work culture.
