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Magu tasks banks to protect their customers from cybercriminals


The Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has called on financial institutions in the country to do more towards ensuring that their customers are protected from the nefarious activities of cybercriminals.

A statement by EFCC acting Head, Media and Publicity, Toni Orilade released on Monday quoted Magu as giving the advice when he spoke as a guest speaker at a recent event organised by Ilorin Bankers Committee entitled “Cyber crimes threat and challenges: the role of financial institutions.”

The EFCC boss, who was represented by Head, Advance Fee Fraud Unit, Ilorin Zonal Office of EFCC, Mr Olamide Sadiq tasked financial institutions on awareness creation and education of their customers on the antics of cybercriminals and to collaborate with law enforcement agencies and their in-house cybersecurity units to identify suspicious activities.

“As financial institutions, you must make sure you create awareness and educate your customers on the dangers of internet fraud and other fraud-related offences,” he said while advocating for information sharing on cyber crime and money laundering among financial institutions.

READ ALSO: EFCC arrests eight suspected cyber fraudsters in Ibadan

He noted that there were instances bankers collude with criminals to defraud their customers, and urged financial institutions to do background checks of their staff before employing them.

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