Unity Bank Unveils USSD Channel to Combat E-Banking Fraud

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Friday, September 3, 2021 / 05.00 PM / Unity Bank /Header Image Credit: Unity Bank 



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Unity Bank Plc has unveiled a new channel that will allow customers to block their bank accounts using a USSD code.

 

By dialling the code *7799*phone#, a customer will be able to block his account number using any mobile device if fraud is suspected, a debit card is lost or incidences of unauthorized transactions are reported.

 

This feature rides on the lender's earlier innovative USSD feature which allows customers to block an account number using a third-party mobile device, an initiative pioneered by the Bank two years ago.

 

This feature now offers full control to Unity Bank customers to protect themselves from scams, secure all banking transactions, and puts the customers are well ahead in control of their banking transactions.

 

The new anti-channel fraud enhances the Bank's robust security system to safeguard customers' bank accounts against any form of cyber threat or incurring financial losses from fraud attempts.

 

According to the latest banking industry fraud by Nigeria Inter-Bank Settlement System, cyber fraud rose by 534% as Nigerian banks lost a total of N3.5 billion in the past year alone. The unveiling of the new USSD channels are, therefore, part of Unity Bank's strategic move to protect their customers by reducing to zero, losses from electronic banking frauds.

 

The *7799# code which was introduced three years ago and enhanced with a multi-language capability, has remained a critical component of the Bank's robust e-banking channels facilitating seamless and secure banking transactions.

 

Speaking on the new channel, the Directorate Head, E-Business, Retail & SME Banking, Mr. Funwa Akinmade said leveraging necessary technology to protect the bank's assets including the customers remains top priority for the Bank in the face of rising cyber-security threats.

 

He said: "With fraud cases hitting major payment channels across Nigeria leading to losses running into billions of naira per annum, every player in the financial services industry in Nigeria must think of the way to stay ahead of the fraudsters.

 

"With the USSD feature that allows customers to block their accounts, even from a third party device, we have given full control to the customers to terminate access to their bank accounts in the event of any suspicion of fraud. With the USSD feature, being available to both smartphone and feature phone users, it means even the least digital-savvy customers of Unity Bank have full control of their bank accounts.

 

More so, since the USSD is available in the three major local languages, it, therefore, has the potential to reach the greatest number of people who are looking for convenient and secure banking services."


The unveiling of the USSD block code is also accompanied by a rollout of a nationwide radio campaign to educate the banking public on the options available to them to bank safely and securely. 



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