The Chief Information Security Officer of Union Bank of Nigeria, Francis Mojoyinola, has urged financial institutions and customers to strengthen cybersecurity awareness as fraudsters increasingly exploit human behaviour to gain access to sensitive financial information.
Mojoyinola said cybercriminals were combining technical vulnerabilities with deception, pressure tactics and misplaced trust to target employees and customers.
In an article marking the end of the 2026 Cybersecurity Awareness Month, he noted that improved security technology alone was insufficient to prevent cyberattacks, stressing the need for stronger security practices and responsible behaviour.
Citing the 2026 Verizon Data Breach Investigations Report, Mojoyinola said human involvement featured in 62 per cent of reported data breaches examined across 145 countries.
He explained that fraudsters were increasingly relying on social engineering techniques, including phishing messages, impersonation and fabricated emergency situations, to persuade victims to disclose confidential information or authorise fraudulent transactions.
Mojoyinola also highlighted insider-related risks within financial institutions, noting that employees could inadvertently expose sensitive information when responding to urgent requests from individuals impersonating senior officials.
He stressed the importance of creating workplace environments where employees could promptly report security mistakes without fear of blame, warning that delays in reporting compromised credentials could worsen the consequences of cyber incidents.
On customer protection, the Union Bank executive advised Nigerians against sharing passwords, personal identification numbers and one-time passwords, even with individuals claiming to represent their banks.
He also urged customers to verify suspicious requests through official banking channels, avoid approving authentication prompts they did not initiate and report suspected fraudulent activities immediately.
Mojoyinola maintained that financial institutions must complement customer education with stronger security systems, including multi-factor authentication, restricted access to sensitive information, transaction monitoring and additional approval procedures.
He said Union Bank adopted the theme, Building a Cyber Strong Culture, for this year's Cybersecurity Awareness Month to encourage employees and customers to make cybersecurity a shared responsibility.
According to him, effective cybersecurity requires a combination of technology, institutional safeguards, customer awareness and a culture of prompt reporting.
He added that protecting customers from cybercrime was not only a public responsibility but also an important part of maintaining trust in financial institutions.