Safeguarding e-banking

As electronics become ever more sophisticated, financial institutions have to remain vigilant if they are to stay one step ahead of potential fraudsters.  To this end the United Bank for Africa (UBA) has established a security operations centre (SOC) in Lagos.

The centre, which is designed to cover electronic transactions in Nigeria and the 18 other African countries in which the bank has a presence, has already proved its effectiveness in blocking phishing and cyber attacks.  Speaking at the launch of the SOC the managing director of UBA, Philips Uduoza, said that “Any serious banking institution that wants to succeed in this digital age cannot afford to ignore information security as any major compromise of bank’s system and network has potentials for colossal damage.”

In other e-banking security news, an apparent distributed denial of service (DDoS) attack on US banks on the 31st July appears at the time of writing to have been fended off by increased security measures. According to Fox Business news the director of security solutions at Radware, Ron Meyran, said “the hackers have “kept their promise” to launch attacks, but so far “we see much less impact” than in the past.”

If you want to learn more about the latest trends in e-banking security you can attend a Eureka Financial course on risk management in electronic banking which covers understanding, managing and mitigating e-banking risks.

Eureka Financial offers over 100 public and in-house training courses in banking and finance, corporate finance and M&A, risk management, operations, investments, wealth management, soft skills and management. For more details visit:

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