A cybersecurity expert, Chukwuemeka Ujam, has pushed for the adoption of proactive measures within the Fintech industry to counter fraud.

He called upon FinTech platforms to prioritise investments in architectural solutions and staff training as preventive measures against fraudulent activities.

Speaking in Lagos on Friday, Ujam stressed the need for Fintech platforms to invest in architectural solutions and staff training to prevent fraudulent activities.

The Chief Executive Officer of Nina Jojer, a technology solutions company, highlighted the challenge of policy lagging behind technological advancements. Ujam suggested a temporary pause in Artificial Intelligence development to allow policies to catch up, particularly in addressing concerns around privacy and security.

The Chief Executive Officer of Nina Jojer, a technology solutions company, highlighted the challenge of policy lagging behind technological advancements and suggested a temporary halt in Artificial Intelligence development to allow policies to catch up, especially considering the prevalent concerns around privacy and security.

“If we could pause AI development and let policy catch up, we could mitigate concerns around privacy and security issues. The regulatory framework needs to evolve in tandem with technological advancements to safeguard financial activities effectively.” Ujam stated.

Aligning policies with technological innovations, according to the former House of Representatives member, especially in areas such as artificial intelligence, is crucial to addressing concerns around privacy and security.

Addressing recent patterns of fraudulent activities on FinTech platforms, Ujam pointed out the necessity for businesses to avoid compromising security for cost-effectiveness.

“People within the tech ecosystem often want to cut costs, but security should not be compromised. Investing in approved solutions and constantly assessing vulnerabilities is essential to protecting both individuals and companies from falling prey to fraudulent activities.”

Ujam warned against relying on off-the-shelf solutions that may not be fully vetted and approved, recounting an incident where individuals fell victim to a WhatsApp scam due to a lack of proper security measures.

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