Wema Bank, known for being Africa’s first fully digital bank through its platform ALAT, took an active role in raising awareness about fraud by organizing a seminar for International Fraud Awareness Week 2024. This seminar, held on November 20, 2024, at the bank’s Head Office in Lagos, was a part of a global initiative celebrated annually in the third week of November. The week is dedicated to addressing the serious issue of fraud, which affects individuals, businesses, and society at large. The theme for 2024, “Share A Story, Stop A Scam,” underscores the necessity of sharing experiences and information to foster greater understanding and combat fraudulent activities effectively.
The International Fraud Awareness Week serves to spotlight the escalating threats posed by fraud, encouraging individuals and institutions to implement preventative measures. Wema Bank aligns its initiatives with the week’s objectives by emphasizing the critical role of awareness, education, and community engagement in reducing the prevalence and impact of scams. The chosen theme of the event calls attention to the importance of storytelling as a method for educating others about fraud, highlighting how personal anecdotes can provide valuable insights and empower people to spot and avoid scams.
Wema Bank has consistently demonstrated a commitment to fighting fraud by educating and equipping its customers with necessary tools and knowledge. Over the years, the bank has developed an extensive Anti-Fraud campaign that focuses on spreading awareness of fraudulent tactics while also taking tangible steps against fraudsters. This proactive approach has helped the bank build a reputation as a supporter of customer security, emphasizing the need for collective responsibility in the fight against fraudulent schemes.
During the seminar, Tunde Mabawonku, Wema Bank’s Executive Director of Retail and Digital Business, represented CEO Moruf Oseni and emphasized the institution’s relentless fight against fraud. Mabawonku articulated the continuous evolution of fraudulent tactics, driven largely by advancements in digital banking. He reaffirmed the bank’s dual approach of strengthening its backend security measures while simultaneously empowering customers with the knowledge needed to safeguard their financial security. This aligns with the bank’s vision of creating a knowledgeable customer base that actively participates in fraud prevention.
Mabawonku also conveyed the importance of ongoing awareness efforts, describing fraud awareness as a “lifelong journey.” He emphasized that the bank’s commitment to educating customers on fraud extends well beyond the designated week of awareness. With the rapid changes in technology and the creativity of fraudsters, it is imperative for both institutions and individuals to remain vigilant and informed. Wema Bank’s initiatives are crucial not only for enhancing overall security but also for fostering a community alert to potential scams, thereby creating a more secure banking environment for everyone.
In conclusion, Wema Bank’s efforts during International Fraud Awareness Week 2024 reflect a broader commitment to combatting fraud through awareness and education. By hosting the seminar and promoting the theme “Share A Story, Stop A Scam,” the bank seeks to enhance understanding of fraudulent activities and empower individuals to protect themselves. The bank’s ongoing initiatives exemplify the essential role financial institutions play in fostering a culture of security and vigilance, ultimately aiming to create safer banking experiences for all.
