Wema Bank Takes Action Against Fraudulent Activities, Launches Anti-Fraud Campaign

Wema Bank has recently launched an anti-fraud campaign to protect its customers and other Nigerians against fraudulent activities involving wallet accounts and fintech partners.

The bank has taken a firm stance against fintech partners whose account activities have been found guilty of fraud, with investigations leading to the disengagement of three fintech partners and the suspension of four others from its platform.

Wema Bank powers a multitude of fintech companies across Nigeria, allowing them to operate seamlessly through the bank’s third-party wallet accounts.

However, the bank has observed an alarming rise in fraudulent inflows into these accounts, prompting swift action to ensure responsible partnership, adherence to regulatory procedures, and compliance with the Central Bank of Nigeria’s (CBN) Know Your Customer (KYC) guidelines.

The anti-fraud campaign aims to create awareness, educate, and equip customers with the necessary information to detect, mitigate, and handle fraudulent activities on their bank accounts.

This initiative underscores the bank’s commitment to safeguarding customers’ finances and personal data.

Oluwole Esomojumi, the chief audit executive of Wema Bank, emphasized the bank’s unwavering stance against fraud.

He explained that the campaign is designed to equip customers with the knowledge to identify evolving tactics of fraudsters and to solidify the bank’s position as one that stands firmly against fraud.

As part of this effort, Wema Bank has intensified the frequency of its security checks and is committed to rooting out fraudsters one by one.

The bank’s mission is to empower the lives and businesses of every customer while ensuring their safety remains a top priority.

The fight against fraud is a personal matter for Wema Bank, and the bank has implemented robust security measures to protect its customers and maintain a secure ecosystem.

By taking a proactive approach to combating fraudulent activities, Wema Bank is setting an example for the industry and demonstrating its commitment to customer protection.