Wema Bank Plc., one of Nigeria's renowned financial institutions, suffered a significant setback in 2023, losing approximately $595,000 to fraudulent activities. These incidents, primarily executed through digital channels, highlighted the reality of digital fraud in the banking sector.
Wema Bank has launched a robust anti-fraud campaign, strengthening its detection and monitoring systems while increasing personnel within its digital compliance unit.
Fraud remains a growing concern on the continent, especially in countries like Nigeria, Ghana, Tanzania and Kenya. Wema Bank's proactive steps to address fraud set an example for the industry, stressing the importance of protecting customers and upholding trust in the financial system.
Wema Bank remains a major player in Nigeria's banking landscape, boasting substantial consumer deposits and impressive revenue from digital channels. The bank's proactive measures have already shown promising results, with a notable decrease in fraud cases in the first quarter of 2024.
