At a recent cybersecurity webinar hosted by FirstBank, industry experts stressed the urgent need for stronger safeguards in digital transactions, warning that fraudsters are becoming more sophisticated in their schemes.

The webinar, themed Scam Savvy: Protecting Your Business and Personal Finances from Payment Fraud, brought together banking and technology professionals who outlined practical steps businesses and individuals must take to keep their money safe.

Akunna emphasizes training and secure practices

Charles Akunna, Head of Acceptance Business at FirstBank, said that preventing fraud in today’s fast-changing financial ecosystem requires a blend of technology, awareness, and strict adherence to best practices.

He emphasized that beyond secure systems, constant staff training remains crucial for merchants. “Educated employees are more alert and able to recognize breaches before they escalate,” he noted.

In addition, Akunna advised customers to use only trusted websites and certified payment terminals.

According to him, this is to avoid downloading suspicious payment apps, and take advantage of tools such as FirstBank’s “FirstMobile Protect,” which allows users to control where and how their cards are used.

He further highlighted USSD features that enable customers to block compromised accounts instantly, even from another person’s phone.

Nnaji highlights awareness and discipline

Building on that, Harrison Nnaji, Chief Information Security Officer at FirstBank, said fraud prevention is not just about technology but also about discipline and awareness.

He described fraud as a painful experience that could often have been avoided with basic precautions. “It is difficult to earn money, and even more painful to lose it to scams that could have been prevented,” Nnaji said.

Furthermore, he introduced his framework “Scam Seven,” which focuses on equipping customers with the knowledge to identify and act against deceptive schemes before losses occur.

He warned that no payment channel, whether card, mobile, or real-time transfer, is completely immune, making continuous vigilance essential.

Ogbuka underscores the technology perspective

Adding a technology perspective, Francis Ogbuka, Vice President of Sales and Business Development at Zone, explained how fraudsters exploit fake alerts and other deceptive techniques to trick unsuspecting victims.

Using examples of real and fake bank transaction messages, Ogbuka demonstrated how consumers can quickly spot inconsistencies, such as suspicious email domains, to verify whether a payment is genuine.

Moreover, he highlighted Nigeria’s role as one of Africa’s most advanced payment markets, pointing out that as innovations grow, so do the risks.

“We must balance convenience with caution. Fraudsters evolve with the industry, and so must our defenses,” he stressed.

Speakers call for vigilance and evolving defenses

Together, the speakers agreed that fraud cannot be eliminated but can be significantly reduced with the right mix of vigilance, consumer education, and evolving technologies such as artificial intelligence, biometric authentication, and blockchain.

They urged participants to adopt a proactive mindset, report suspicious activities immediately, double-check every transaction, and stay informed about the latest fraud patterns.

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