Cybersecurity researcher Madumere Chukwuka from King’s College London told The PUNCH that certain financial institutions have not kept up with evolving cyber threats, making them prime targets for fraudsters.
He said that many fraud cases originated internally, with bank employees exploiting gaps in internal controls and auditing systems.
“Insider threats remain a significant issue. No matter how advanced the technology, human involvement in banking processes is often a weak link,” he noted.
Despite considerable investments in cybersecurity, banks were not fully integrating or utilising available tools, Chukwuka said.
“The technology exists, but it is underutilised. Overlapping roles and system inefficiencies further reduce the effectiveness of these tools.”
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