8 | The Lion King
Cover Story
customers are secure when they trans-
act with the bank. In addition to the
regular security campaigns, communi-
cation between UBA systems and other
systems or customers on the cyber-
space is done through cryptographic
channels. This guarantees that the
communication cannot be disclosed to
cyber criminals. Moreover, UBA has also
put in place robust vulnerability/assess-
ment program to assure the customer
and other stakeholders that their money
and transactions are adequately pro-
tected.
To protect UBA customers against iden-
tity theft and identity fraud, the bank
has adopted an Anti-phishing program
which combines the use of technology,
process, people and awareness. The
bank has also implemented a solution
that alerts IT Risk monitoring team of
Phishing websites targeting UBA custom-
ers. The bank’s security monitoring team
initiates a shutdown of the Phishing sites
and also periodically educates custom-
ers through email and SMS on online
safety in conjunction with the bank’s
Customer Fulfilment Centre (CFC).
Tokens
Also to protect the bank’s customers
against internet banking fraud resulting
from identity theft, UBA has implement-
ed second factor authentication using
Entrust Token. The Token generates a
One-Time-Password that can be used
once and expire within few minutes if
unused. The use of Token heightens the
customer authentication and further
protects the customer, if the traditional
user ID and Password is compromised.
IP Geolocation
UBA has also activated additional au-
thentication called IP Geolocation. With
this, if an attempt is made to login to
a customer’s Online Banking account
from a system and network not normal-
ly used by the customer, the system
automatically prompts the customer
to a predefined ‘Test Question’ which
the customer is expected to correctly
answer, before being allowed to gain
access.
24/7 monitoring
The bank also has es-
tablished a state-of-
the-art Security Op-
eration Centre that
provides 24/7 fraud
monitoring. This is a
major milestone in
UBA’s preventive,
detective and
incident response
measures to protect
its customers’ funds
and the bank. IT
Risk monitoring team
operates 24/7 e-channel
fraud monitoring using
best-in-class e-channel fraud
monitoring tools. Attempted
fraud on customers account are
promptly detected and blocked.
In most cases, where customers un-
knowingly compromise their debit card
and fraudsters have cloned such cards
and attempt is made to use the card in
countries where magnetic stripe cards
are allowed such as USA, the fraud
system flags such suspicious activity and
the customer is immediately contacted.
Where the customer claims not to be
responsible for the attempt that means
the customer’s card is compromised.
The customer is immediately advised to
pick up a new card from UBA branch as
the existing card is disabled.
However, Cyber attack is an ongoing
war and customers cannot afford to
throw caution to the winds. The bank
keeps thinking ahead to remain abreast
of emerging threats and reported
security breaches across the globe
bearing in mind that it could affect UBA
customers even when it is not directed
at the bank.
For instance, when UBA learnt about
the compromise of Target Stores and
Sally Beauty stores in the United States,
the bank immediately extracted infor-
mation about its customers that used
their
card
in those
stores and
contacted them
to visit their nearest UBA branch to pick
up new debit cards since IT department
would block the existing debit card
considering the likelihood that their
card data could have been compro-
mised too. All the customers that heed-
ed the warning and picked up new
Debit cards did not witness any fraud,
however few customers that were
abroad who insisted that they should
be allowed to continue to use their
existing card witnessed some little loses
which was flagged before they agreed
to drop the compromised cards.
Cybersecurity and protection of cus-
tomers from fraud is a joint responsibility
between customers and the bank. The
bank customers have a role to play in
ensuring they are not defrauded even
when the Bank has taken all precaution
in putting the necessary security meas-
ures in place. UBA has implemented the
necessary cybersecurity measures, and
is positioned to meet her customers’ de-
mands, attract more customers, meet
various requirements from regulatory
bodies and maintain the leadership
position in the industry.
