EXPERTS: Fingerprinting Banking Will Reduce Identity Theft

Published

4 years ago

June 27, 2022

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EXPERTS: Fingerprinting Banking Will Reduce Identity Theft—-Some experts have commended the introduction of fingerprinting banking, saying that it will reduce identity theft, said to be on the rise in banking, e-commerce and other financial activities in Nigeria.

They expressed their views in separate interviews with the Newsmen in Ibadan on Monday.

NAN reports that there has been an increase in cyber fraud in some financial institutions in the country, according to Nigeria Inter-Bank Settlement System (NIBSS), in its industry fraud report.

Mr Gbenga Adeleye, Head, Human Resources Development, Science and Technology Cluster Committee, African Union, Economic, Social and Cultural Council (ECOSOCC) Nigeria, said the country’s economy would benefit greatly from biometric technology as a way of enhancing efficient financial transactions.

“This is due to a unified credit performance system that will allow lenders and credit bureaus to implement the Central Bank of Nigeria’s “Know Your Customer (KYC)” policy.

“Also, unethical practices will be reduced, and banking activities appropriately monitored, as customers who borrow money from one bank and default will not be able to do same money from other banks without being detected,” Adeleye said.

A Financial Consultant with L.A. Konsult, Mrs Lolade Adesola, said with the increasing cases of identity theft, biometric identification appeared to be a veritable way out.

“If it is introduced at every level, it will be very helpful, because fingerprints are unique and good for identification purposes and financial transactions, even for identical twins.

“It is a good step if financial agencies get the infrastructure to be able to use fingerprints for identification. It is a good way forward,” Adesola said.

She, however, added that there must be a slow transition period for use of fingerprints as a biometric technology for trading and transaction purposes.

Also, Mr Tunji Adepeju, a financial expert, described fingerprinting as about the most secure biometric technology and a better way of checking identity theft.

“Somebody can forge a signature to sign a cheque or document, but the use of biometric technology, such as fingerprinting, will be able to detect it.

“Also, there are times you want to make withdrawals and you are not with your ATM card or even your cheque book; fingerprinting banking will be available for such persons to do their financial transactions.

“Although such service may attract extra charges by financial institutions, it would have, at least, solved the problem and guarded against possible frauds in the system,” he said.

Adepeju also stated that use of fingerprinting could help in achieving more financial inclusion, as those who couldn’t use ATM cards, for whatever reason, would have alternative means of carrying out their financial transactions.

Dr Oludayo Tade, of Department of Sociology, University of Ibadan, said that fingerprinting was good, as it simplified the problems associated with other methods of accessing banking services.

Tade, a criminologist, however, stated that the security system associated with the new method should be improved upon to enhance its efficiency and effectiveness

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UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments

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1 month ago

May 12, 2026

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UBA, GTCO Lose ₦2.13 billion To Fraudsters Despite Heavy Cybersecurity Investments—-Three of Nigeria’s largest financial institutions have reported combined fraud-related losses of approximately ₦2.13 billion in their latest audited financial statements, highlighting the growing threat of cybercrime and electronic banking fraud in the country’s financial sector.

The affected institutions include Access Holdings Plc, Guaranty Trust Holding Company Plc, and United Bank for Africa Plc.

According to details contained in the banks’ 2025 financial reports, fraud incidents linked to the three lenders totalled approximately ₦10.29 billion. However, through recoveries, transaction reversals, and security interventions, the banks were able to prevent or recover about ₦8.16 billion, leaving actual losses at approximately ₦2.13 billion.

Among the banks, Access Holdings recorded the highest direct loss to fraudsters, losing an estimated ₦1.24 billion within the financial year.

United Bank for Africa reported over 26,400 fraud-related incidents, with actual losses totalling approximately ₦621.57 million, while Guaranty Trust Holding Company recorded approximately ₦269.44 million in losses tied to fraudulent activities.

Industry analysts say the figures reflect the increasing sophistication of cybercriminals targeting Nigeria’s rapidly expanding digital banking ecosystem.

Most of the fraud cases were reportedly connected to electronic banking channels, including unauthorised transfers, mobile banking compromise, phishing schemes, identity theft, and other forms of digital payment fraud.

The development comes as Nigerian banks continue to accelerate the country’s transition toward a cashless economy through mobile banking platforms, internet banking services, agency banking networks, and digital payment systems.

Despite the losses, the financial institutions significantly increased investments in technology infrastructure and cybersecurity measures during the year under review.

Collectively, the banks reportedly spent over ₦280 billion on technology upgrades, fraud monitoring systems, customer authentication processes, and transaction security enhancements aimed at reducing cyber threats and protecting customer funds.

Meanwhile, the Central Bank of Nigeria has also intensified regulatory efforts to curb financial fraud across the banking industry.

The apex bank recently introduced stricter compliance measures requiring financial institutions to strengthen fraud detection systems, improve transaction monitoring, and respond more rapidly to suspicious activities and customer complaints.

Financial experts have warned that as digital banking adoption continues to rise across Nigeria, banks and customers alike must remain vigilant against increasingly advanced cybercrime tactics targeting the financial sector

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

Published

3 months ago

March 9, 2026

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

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