Mobile financial services are still high priority for many
mobile operators, financial institutions, technology
firms, and governments in most sub-Saharan African
countries, including Nigeria. However, the growing fear
of identity theft has stalled the otherwise progress that
should have been recorded in that genre of financial
transaction.
.
Although the adoption of mobile banking has in no
small measure made banking easier, identity theft by
cyber criminals poses very serious challenges to bank
officials and their customers.
Despite series of warnings via Short message Services
and hordes of advertisements by banks reminding their
various customers of the need to protect their Personal
Identification Numbers, PIN, the menace still poses
great threat to the growth of the financial sector.
The
resultant effect of this is that bank users who should
ordinarily embrace cashless initiatives are swinging
between card and cash spending.
Apparently innovating to end this trend, one of
Nigeria’s new generation banks, Diamond Bank Plc has
turned to technology to tackle the issue. The bank has
pioneered an application called Touch ID, a biometric
application which provides. Fingerprint alternative to
entering a User ID and Password. With the mobile app,
the bank says that smart phone or smart devices
become as good as a customer’s bank.
What it means is that customers, log in and carry out
transactions on their mobile devices in a comfortable
and more secure manner than before. Robert Giles,
Head of Transaction Banking of Diamond Bank PLC,
while unveiling the application recently in Lagos, said
that the app gives customers the opportunity to carry
out transaction banking without being in the banking
hall.
Security of the app
According to him, the app has two layers of security.
“The first level of security is the password people put
on their phones. Secondly, the App is tied to a single
device. At the point of download, authentication
information is sent to the customer’s number. The
customer has a PIN to make transactions and
immediately they log in, they get an e-mail and SMS to
show that their account is being accessed on the App”,
he explained.
He also said that one of the security features on the
Mobile App is the Touch ID which is the finger print
specification. Thrilled by the level of e-banking
adopting by Nigerians, Giles said that the Touch ID was
integrated in response to users’ requests, adding that it
is an alternative to PIN. “When you are using a PIN
there is always the fear of losing it. However, Touch ID
eliminates the fear that someone will see your PIN. It
is also faster. In essence, it is an additional feature for
users.
“Some of the more recent features on the app address
accessibility. It is exciting and more interactive. Given
the upsurge in digital business, Diamond bank is also
investing in awareness and has trained a lot of
dedicated staff who teach customers how to use the
app to solve their day-to-day lifestyle needs rather than
coming to the banking hall” he added.
Meanwhile, Giles challenged telecommunication
operators in the country to give priority to increasing
data penetration, describing it as a sure way to achieve
a win-win relationship between them and their
customers.
mobile operators, financial institutions, technology
firms, and governments in most sub-Saharan African
countries, including Nigeria. However, the growing fear
of identity theft has stalled the otherwise progress that
should have been recorded in that genre of financial
transaction.
.
Although the adoption of mobile banking has in no
small measure made banking easier, identity theft by
cyber criminals poses very serious challenges to bank
officials and their customers.
Despite series of warnings via Short message Services
and hordes of advertisements by banks reminding their
various customers of the need to protect their Personal
Identification Numbers, PIN, the menace still poses
great threat to the growth of the financial sector.
The
resultant effect of this is that bank users who should
ordinarily embrace cashless initiatives are swinging
between card and cash spending.
Apparently innovating to end this trend, one of
Nigeria’s new generation banks, Diamond Bank Plc has
turned to technology to tackle the issue. The bank has
pioneered an application called Touch ID, a biometric
application which provides. Fingerprint alternative to
entering a User ID and Password. With the mobile app,
the bank says that smart phone or smart devices
become as good as a customer’s bank.
What it means is that customers, log in and carry out
transactions on their mobile devices in a comfortable
and more secure manner than before. Robert Giles,
Head of Transaction Banking of Diamond Bank PLC,
while unveiling the application recently in Lagos, said
that the app gives customers the opportunity to carry
out transaction banking without being in the banking
hall.
Security of the app
According to him, the app has two layers of security.
“The first level of security is the password people put
on their phones. Secondly, the App is tied to a single
device. At the point of download, authentication
information is sent to the customer’s number. The
customer has a PIN to make transactions and
immediately they log in, they get an e-mail and SMS to
show that their account is being accessed on the App”,
he explained.
He also said that one of the security features on the
Mobile App is the Touch ID which is the finger print
specification. Thrilled by the level of e-banking
adopting by Nigerians, Giles said that the Touch ID was
integrated in response to users’ requests, adding that it
is an alternative to PIN. “When you are using a PIN
there is always the fear of losing it. However, Touch ID
eliminates the fear that someone will see your PIN. It
is also faster. In essence, it is an additional feature for
users.
“Some of the more recent features on the app address
accessibility. It is exciting and more interactive. Given
the upsurge in digital business, Diamond bank is also
investing in awareness and has trained a lot of
dedicated staff who teach customers how to use the
app to solve their day-to-day lifestyle needs rather than
coming to the banking hall” he added.
Meanwhile, Giles challenged telecommunication
operators in the country to give priority to increasing
data penetration, describing it as a sure way to achieve
a win-win relationship between them and their
customers.
posted from Bloggeroid
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