To protect its customers from fraudsters, giving them more control over their account, Unity Bank has introduced a new USSD Code.
The new code would confer to customers the ability to block fraudsters from accessing their accounts without the bank as a middle agent.
Unblocking of the account, according to the bank, can be done by walking into any of its outlets.
Unity bank, in a statement, said, “The new code which is 77999*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.
“To unblock the bank account, customers can walk into any branch of Unity Bank closest to them and request reactivation.
“As a result, customers are thus able to exercise unlimited control with the new code as the Account Blockade can be initiated from any phone to prevent any unauthorised transaction or access to the Bank Account. The blockade can also be initiated to stem risks arising from the loss of the debit card or incidences of unauthorized transactions.
“This feature now offers full control to Unity Bank customers to protect themselves from scams, secure all banking transactions, and puts the customers well ahead in control of their banking transactions.
“The new anti-fraud code enhances the Bank’s robust security system to safeguard customers’ bank accounts against any form of cyber threat or incurring financial losses from fraud attempts.”
According to the Nigeria Deposit Insurance Commission (NDIC), banks in Nigeria lost more than $15.5 billion to fraud in 2018.
And many institutions, especially in the financial and fintech (financial technology) sectors, have set as their priority measures that will prevent fraudulent attacks on their customers’ accounts.
READ ALSO: Nigeria Becomes Full Member Of ICS, Gets Board Seat
Commenting on the new USSD code’s necessity, the Directorate Head, E-Business, Retail & SME Banking, Mr. Funwa Akinmade, said, “With fraud concerns on major payment channels across Nigeria, every player in the financial services industry in Nigeria must think of a way to stay ahead of its game”.
“With the added USSD feature that allows customers to block their accounts using 77999*Phone Number# code, even from a third party device, we have given greater empowerment to customers to transact freely on our USSD platform. With the USSD feature, being available to both smartphone and feature phone users, it means even the least digital-savvy customers of Unity Bank can effectively use the new anti-fraud code.
“More so, since the USSD is available in the three major local languages, it, therefore, has the potential to reach the greatest number of people who are looking for convenient and secure banking services.”
