FirstBank fraud prevention efforts focus on protecting consumers and sustaining trust in Nigeria’s growing digital financial space
FirstBank fraud prevention is now a top priority, according to the bank’s Managing Director and CEO, Dr. Segun Alebiosu, who says building consumer trust is essential to the future of Nigeria’s digital banking sector.
Also read: Lagos: bankers, accomplices face court over N8.5bn cyber fraud
Speaking at the Nigerian Economic Society Annual Conference in Abuja, Alebiosu warned that fraud is the most pressing threat to financial inclusion as digital platforms become more widespread—especially in rural communities where digital literacy is low.
“With the digitalisation of payment systems, every day you hear about fraud,” Alebiosu said.
“Rural dwellers are the most affected because they don’t fully understand how to use digital platforms.”
He explained that while the rise in digital banking has brought broader access to payments and savings, it has also exposed users to increased cyber threats.
“Fraud not only erodes trust in the banking system, it threatens to derail Nigeria’s gains in digital financial inclusion,” he added.
Alebiosu said FirstBank is leading the fight against fraud across Nigeria’s banking sector.
The bank currently chairs the Bankers’ Subcommittee on Fraud, which coordinates national responses to cybercrime and digital fraud threats.
The bank has also invested heavily in real-time cybersecurity tools and monitoring systems, aiming to detect and prevent fraud before it affects customers.
“People know FirstBank is safe and secure. We handle about 20% of all NIBSS payments—a strong indicator of our performance and trust,” he said.
To further enhance consumer protection, FirstBank has appointed a Chief Customer Experience Officer and built dedicated complaint resolution systems.
Alebiosu said these systems are vital for maintaining customer confidence, even when complaints stem from user error. “We take responsibility as a bank to safeguard trust,” he said.
FirstBank’s efforts have earned it international acclaim, including an award for cybersecurity excellence at the 17th Annual Congress on Cybersecurity Audit and Controversial Events in Abu Dhabi.
“This recognition reaffirms our commitment to innovation, safety, and protecting our customers from digital threats,” Alebiosu said.
Beyond cybersecurity, Alebiosu acknowledged the challenging macroeconomic climate in Nigeria as another hurdle for banks and businesses.
“Harsh conditions are directly affecting businesses, and by extension, banks,” he stated. Despite this, he said FirstBank remains focused on innovation, resilience, and technology investments.
As digital adoption grows, Alebiosu reaffirmed FirstBank’s mission to protect customers, foster trust, and secure the digital financial ecosystem.
Also read: CCSLD Consulting Partners with Lagos Banks to Curb Fraud
“We’ll continue leading innovation, but security is non-negotiable. Customer confidence is what sustains the system,” he concluded.
