Unity Bank, on Wednesday, announced that it had introduced a new code on its Unstructured Supplementary Service Data platform that allows customers to block access to their bank accounts when fraudulent activities are detected.
According to a statement by the bank’s spokesperson, Nwokpoku Ogbonna, the new code will provide customers with complete control of their accounts and guarantee protection against unauthorised access.
The statement was titled ‘Unity Bank unveils new code on USSD platform to combat e-banking fraud’.
It said, “In a bid to safeguard its e-banking platforms with enhanced safety and security features, Unity Bank Plc has unveiled a new code on its USSD platform that completely puts the customer in control of his Bank Account against any e-Banking fraud.
“The new code, which is *7799*9*phone number#, allows customers to block access to their bank accounts, hence without recourse to the bank, a customer is able to prevent and protect his bank account from unauthorised access using any mobile device if fraud is suspected.
“As part of the robust feature of the bank’s USSD platform, bank customers can directly initiate the new code and successfully block the account from a third-party mobile device.”
It explained that customers could unblock their accounts by visiting any branch of Unity Bank nearest to them and request reactivation.
The bank noted that the need to provide additional security for its customers was highlighted by the latest banking industry report, which showed that cyber fraud in the banking sector rose by 534 per cent and the bank’s incurred an N3.5bn loss in the past year.
It said, “According to the latest banking industry fraud report by Nigeria Inter-Bank Settlement System, cyber fraud rose by 534 per cent as Nigerian banks lost a total of N3.5bn in the past year alone.
“The unveiling of the new USSD code is, therefore, part of Unity Bank’s strategic move to protect their customers by reducing to zero, losses from electronic banking frauds.”
The banks also said that *7799# code which was introduced three years ago and enhanced with a multi-language capability has remained a critical component of its robust e-banking channels facilitating seamless and secure banking transactions.
