Firm Urges Banks to Adopt Multi-Biometric Authentication to Combat Insider Fraud

Seamfix, a leading cybersecurity management firm, has called on Nigerian banks to adopt Biometric Multi-Factor Authentication (MFA) as a strategic solution to eliminate insider fraud in the financial sector.

The Group Chief Executive Officer of Seamfix, Mr. Chimezie Emewulu, made the appeal during an interview  on Thursday in Uyo, where he is attending the ongoing 2025 Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI) Conference.

The conference aims to raise awareness among information security officers about the growing threat of insider fraud and the need for proactive protection measures.

Emewulu explained that the company’s identity and access management solution, Seamfix iAM, is specifically designed to help financial institutions tackle internal fraud through enhanced access control mechanisms. He emphasized that biometric MFA ensures that users must verify their identity using biometric data before accessing secure systems, thereby closing loopholes often exploited by insiders.

“That’s why we built Seamfix iAM. It incorporates Biometric Multi-Factor Authentication. Internal users gaining unauthorised access often bypass traditional controls, but with biometric authentication, they can’t proceed without confirming their identity,” Emewulu stated.

He added that the solution is robust enough to trigger alerts in real time if an unauthorized login attempt is made, further safeguarding sensitive systems from abuse.

“This kind of system guarantees that no one can log in undetected, and no one can commit fraud while blaming another. Everyone becomes accountable for their digital identity,” he said.

Highlighting another major security concern, Emewulu noted the challenge of visibility in multi-cloud environments, particularly in tracking who has access to what and where the infrastructure resides.

“We’ve seen cases where former employees still had system access months after resignation. This is a significant threat,” he warned.

Emewulu urged financial institutions to prioritize identity management solutions like Seamfix iAM to strengthen internal cybersecurity and protect customer data and institutional integrity.