Insider fraud: Seamfix urges banks to embrace biometric MFA

Seamfix, a cybersecurity management organisation, has urged banks in the country to embrace Biometric Multi Factor Authentication to eliminate internal fraud in the banking industry.
Chimezie Emewulu, Chief Executive Officer of Seamfix, said this on Thursday when he interacted with journalists in Uyo, on Thursday.
Emewulu, who was in Uyo for the ongoing 2025 Committee of Chief Information Security Officers of Nigerian Financial Institutions, to sensitise security information officers on the need to protect their organisations from insider fraud.
He said that Seamfix IAM, an identity and access management (IAM) solution, aims to help banks eliminate internal fraud by providing robust access control and security measures.
He explained that the multi-factor authentication ensured that nobody would access a system without a biometric verification to properly identify the user.
The financial security expert urged banks to embrace the product to solve the problem once and for all.
“That’s why we build Seamfix IAM, it incorporates what we call Biometric Multi Factor Authentication (MFA).
“Internal people having unauthorised access means they can bypass the control in the internal system, but when you put a biometric page, they can’t bypass the control without proving their identity.
“So, this is going to solve a phenomenal problem in the industry.
“When you introduce the element of who you are in the authentication process within an organisation. So, I believe this is the solution that the banking industry has been waiting for,” Emewulu said.
Emewulu said that MFA would ensure that no one who was not authorised could log into the company system without their identity.
He said the system is so fortified that even if you attempted to log in without permission, it will trigger an alarm alerting that an unauthorised person has tampered with the system.
“We believe that everybody deserves equal opportunities and no one person is supposed to play God with anybody’s identity.
“So, you are not supposed to lock into a system and another person is to blame for the access, for the fraud committed in the system that you are not supposed to get access to,” he said.
The cybersecurity expert said one of the challenges confronting a multi-cloud environment was visibility, being able to visualise clearly where your infrastructure is, and who has access to what part of the infrastructure.
Fraud is something that anybody there can easily commit, especially internal fraud. If you are not able to track, who can have access to what system?
“We have people who resigned from an organisation five, six months after they were still having some level of access to the environment.
“There is not much visibility on who has access to the system, so we are trying to stop that with biometric MFA,” he said.