15.7 C
New York
Sunday, May 28, 2023

Buy now


Few weeks after UK money laundering fine, GTBank under probe for allegedly breaching customer’s data


A few weeks after being penalized by UK authorities for failing to prevent money laundering, Guaranty Trust Bank (GTBank) is the subject of an inquiry into allegations that client data has been compromised, EaglesPath Online reports.

The Nigerian Data Protection Bureau (NDPB) is looking into all GTBank branches for alleged involvement in the illegal sharing of banking details to a third party.

Additionally, it was revealed that GTBank, under the direction of its managing director, Miriam Olusanya, is accused of improperly accessing and processing personal data.

This information was provided in a statement by Babatunde Bamigboye, Director of Legal Enforcement and Regulations at the NDPB, as quoted by NAN on Monday.

Also, the data protection bureau will investigate one other commercial bank and branches under the financial institution for similar allegations of breaching customers’ data.

The statement stated that the data protection bureau will also look into all third parties participating in the data processing activities, albeit the investigation’s timeline was not provided.

The National Information Technology Development Agency (NITDA) has shut down several digital lending apps and shark loans for stealing Nigerians’ personal information.

Loan applications like Soko Loan, GoCash, Okash, and EasyCredit, among others, have been accused of processing client data and extorting money out of their users.

NPDB concerned about data protection failure among banks

In the statement released by NDPB, the National Commissioner of the bureau, Vincent Olatunji, stated, “The bureau notes with concern that many data privacy and protection regulations and best practices are hardly implemented down to the organisational strata of major data controllers in Nigeria.

“Similarly, the bureau enjoins organisations to heed the federal government circulars and general compliance notice directing them to send the names of their data protection officers/contacts to the bureau.

“There are reports by the Nigeria Inter-Bank Settlement System (NIBSS) which indicated that within nine months of 2020, fraudsters attempted 46,126 attacks and they were successful with 41,979 occasions representing 91 per cent of the time.

“This level of vulnerability to a data breach is unacceptable,” Olatunji said.

Culled from ripplesnigeria

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -spot_img

Latest Articles