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Amid rising cyber threats leading to significant financial losses, experts in the financial sector are advocating for innovative solutions to bolster confidence in bank transactions.
Speaking at the 2024 Quarter II Industry Forum organized by the Committee of E-Business Industry Heads (CeBIH), financial stakeholders highlighted the urgency of addressing cybercrime. The forum, themed “Cybercrime: Enhancing Consumer Trust and Security with Artificial Intelligence,” brought together key industry players to discuss strategies for combating cyber threats.
According to a report by Daily Trust, cyberattacks on financial institutions have caused considerable concern, with the International Monetary Fund (IMF) estimating global losses at $12 billion over the past two decades. Additionally, Nigerian banks alone lost N10 billion in the first quarter of 2023, as reported by the Mastercard Foundation.
At the forum, Afolabi Solebo, General Manager of the Lagos State Consumer Protection Agency (LASCOPA), underscored the increasing sophistication of cyber threats and emphasized the need for innovative solutions to safeguard consumer confidence in digital banking.
“Cybercrime is evolving at an unprecedented rate, posing significant risks to consumers, especially in the digital banking sector. To effectively combat these threats, we must leverage advanced technologies like AI to safeguard consumer interests,” Solebo stated.
He highlighted the importance of transparency and education in building consumer trust in AI-driven security solutions. “Consumers need to understand how AI works to protect their data. This involves clear communication from financial institutions about the benefits and safeguards associated with AI technologies. By demystifying AI and demonstrating its effectiveness, we can foster a higher level of trust among users. This proactive approach is essential for maintaining the integrity of digital banking services and ensuring consumer trust.”
Solebo also called for increased collaboration between financial institutions, technology providers, and regulatory bodies to develop a robust cybersecurity framework. He stressed the necessity of joint efforts to create and implement standards that ensure the safe and ethical use of AI in digital banking.
Celestina Appeal, Chairman of CeBIH, noted that the forum was designed to bring together top electronic industry practitioners from all Nigerian banks and stakeholders to discuss critical issues related to digital payment systems’ safety for consumers.
Mrs. Appeal highlighted the life-threatening potential of cybercrime, which includes phishing, data breaches, ransomware, and identity theft. She emphasized the need for all stakeholders to collaborate in protecting the financial space by leveraging available tools.
In his presentation, Mr. Obi Ebuka, CEO of Autogon AI, discussed the revolutionary potential of AI in cybersecurity. He pointed out that AI could provide real-time threat detection and adaptive security measures beyond traditional methods.
“AI-driven systems can analyze vast amounts of data quickly, identifying unusual patterns and potential threats before they can cause harm,” said Ebuka.
The forum concluded with a consensus on the critical role of AI in enhancing cybersecurity and the need for continued innovation and collaboration to protect consumers and maintain trust in the digital banking sector.
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