Fraud: First Bank invests N15bn to protect systems from hackers

First Bank Plc says it has spent more than N15 billion to protect its systems against criminals between January and June 2025.

The Chief Executive Officer (CEO) of First Bank, Olusegun Alebiosu, disclosed this in Abuja on Wednesday, June 18, 2025.

Alebiosu said the bank had spent N3 billion in June to protect its systems.

Alebiosu said the bank has the best cyber security framework in the country, hence the investment.

The CEO who was speaking on the increasing number of attacks by cybercriminals, especially on banks’ systems, assured First Bank customers of the safety of their money.

Alebiosu frowned at the rate at which some citizens were involved in cybercrimes, saying the country must move fast to curb their excesses.

He said: “No customer would lose their money in First Bank unjustly.

“If their money is missing in First Bank, First Bank will pay back.

“Before I joined First Bank, I have an account with First Bank.

“One of the reasons why I had an account with First Bank was, I said to myself, if my money is missing, it is the only bank I know I will collect my money without any excuses.”

Reacting to some customers’ complaints on the delay by the bank to handle cases of fraudulent transactions, Alebiosu said the bank must conduct investigations involving different stakeholders.

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The CEO said the delay was caused by the collaboration between the stakeholders involving security agencies and banks where the money was transferred to determine the realities about the cases.

He urged customers to tread carefully in handling and releasing their financial information.

Alebiosu added: “Customers themselves, most times, also compromise their own security details; I have seen a lot of people that give their cards to somebody to help them withdraw money from their ATM.

“They compromise their password so, when something happens and you say, my money disappeared, you forget the day you gave your card to someone else and they can use that to transfer your money.

“Some people compromise even their own ID on the system carelessly, some give their Bank Verification Number (BVN) and they use it against them.

“Now, why does it take time for the bank to react, everything you give to the bank, the bank has to investigate it.

“The money might have gone to other banks so, you start tracking from other banks but
Sometimes customers are impatient,” he said.

On frauds allegedly perpetrated by staff, Alebiosu said First Bank has internal employee fraud software that monitors activities of employees on the system.

He added that various stakeholders, including the banks, law enforcement agencies, and the judiciary have a role to play in curbing cybercrimes.

The Star