…emphasis on building consumer trust in banking transactions
The General Manager, Lagos State Consumer Protection Agency (LASCOPA), Mr Afolabi Solebo Solebo, stressed that cyber threats are becoming increasingly sophisticated and called for innovative solutions to protect and strengthen consumer confidence in banking transactions.
Solebo made the call during a panel discussion at the Q2 2024 Industry Forum organised by the Council of Electronic Business Industry Heads (CeBIH), held recently at the Radisson Blu Anchorage Hotel, Victoria Island, Lagos, with the theme: “Cybercrime: Enhancing Consumer Trust and Security through Artificial Intelligence”.
He noted growing concerns around cybercrime and highlighted the important role that artificial intelligence (AI) plays in boosting consumer trust, particularly in the area of digital banking.
“Cybercrime is evolving at an unprecedented speed, posing significant risks to consumers, especially in the digital banking sector. To effectively combat these threats, advanced technologies such as AI must be leveraged to protect consumer interests.”
Solebo stressed that transparency and education are key in building consumer trust in AI-driven security solutions: “Consumers need to understand how AI protects their data, and this includes financial institutions clearly communicating the benefits and safeguards associated with AI technology.”
“Demystifying AI and demonstrating its effectiveness will help increase trust among users. This proactive approach is essential to maintain the integrity of digital banking services and ensure consumer confidence,” he added.
Solebo also called for greater collaboration between financial institutions, technology providers and regulators to build a robust cybersecurity framework, adding that they should cooperate in developing and implementing standards that ensure the safe and ethical use of AI in digital banking. “Our joint efforts will not only protect consumers, but also increase the resilience of the entire financial system,” he said.
The general manager also highlighted success stories where AI has been deployed to protect consumers in digital banking, citing reduced fraud cases and improved user experience. According to him, these success stories highlight the potential of AI to transform cybersecurity. But we need to remain vigilant and continually improve our technology to stay ahead of cybercriminals.”
Solebo reaffirmed the agency’s commitment to protecting consumers and promoting trust in digital banking. “Our mission is to ensure that every Nigerian can bank online with confidence, knowing that their data is safe. AI is a powerful tool in this mission and we will continue to push for its responsible and effective use,” he said.
In her opening remarks, Chairperson, Committee of Electronic Business Industry Representatives (CeBIH), Celestina Appeal, said the forum was established to bring together electronic industry practitioners and stakeholders from all banks in Nigeria to discuss key topics relevant to the industry in order to provide security in digital payment systems to consumers both online and in brick-and-mortar stores.
Appel noted the increasing rate of cybercrime across all sectors, including phishing, data leaks, ransomware and personal information theft, which can be life-threatening, and said all stakeholders need to work together to ensure that the integrity of the financial sector is protected using the tools available.
Also during his presentation, Obi Ebuka, CEO of Autogon AI, explained that AI is revolutionizing cybersecurity practices, providing real-time threat detection and adaptive security measures that traditional methods cannot deliver: “AI-driven systems can rapidly analyze vast amounts of data and identify anomalous patterns and potential threats before any damage can occur.”
Ebuka stressed that the panel discussion further emphasized the importance of innovation and collaboration in tackling the challenge of cybercrime. As digital banking continues to grow, integrating AI into cybersecurity practices will result in a safer and more trusted digital environment for all consumers.