A renowned data analytics expert, Oluwabusayo Bello, has advocated the use of advanced technologies like data modeling, machine learning, and time-series forecasting to develop powerful fraud detection tools against cyber threats.
She warned on the increasing sophistication of financial fraud, urging financial institutions to adopt robust cybersecurity and fraud prevention measures to protect themselves against cybercriminals.
Bello made these submissions on Wednesday, during a chat with Daily Trust, where she emphasized the need for proactive fraud detection systems capable of identifying and neutralizing potential cyber threats in real-time.
She stressed that investing in robust cybersecurity is crucial for maintaining customer trust, supporting the overall economy, and safeguarding assets.
Bello cited notable incidents, such as the 2019 Capital One data breach, which exposed sensitive data of over 100 million customers, resulting in significant financial losses and reputational damage.
She also referenced the case of Nigerian cybercriminal, Hushpuppi, who was arrested and convicted in the United States, highlighting the global nature of cyber fraud.
She also emphasized the need for comprehensive training programs for financial professionals to equip them with the necessary knowledge and skills to effectively safeguard financial systems.
Bello called on financial institutions to prioritize cybersecurity by implementing comprehensive and adaptive tools, continuously updating their defenses, and ensuring their teams are prepared to handle new and emerging threats.
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