Guaranty Trust Bank plc says it has beefed up its security technology to enable it identify and combat spurious transactions and prevent frauds on customers' accounts.

Managing Director and Chief Executive of the bank, Mr Segun Agbaje, said the bank has installed several new technologies and introduced a number of internal procedures that would enable it reduce to the barest minimum the volume of fraud in the bank.

"We have introduced several new processes internally, which I cannot disclose that make it more difficult for fraudsters to have access to our customer accounts. Additionally we have a mutually beneficial relationship with law enforcement agencies, such as the Nigeria Police Force that enable us identify potential fraudsters and apprehend them before they act", he said.

He furthered said that the constant review of the bank's security infrastructure and processes were pivotal to its recent success in discovering frauds and foiling attempts that could have translated to huge losses for the bank.

These, he said, include a recent attempt to defraud a customer of a large amount of money, a situation which the bank said has been contained with the individuals concerned aiding the police with their investigations. The bank restated its commitment to the safety of stakeholders' funds, saying the matter was being dealt with.

A few years ago GTBank installed a whistle blower platform to help mitigate instances of fraud whilst resolving customer service related issues. The channel enables customers, staff and other stakeholders of the bank report unethical or unprofessional conducts by its employees without revealing the complainant's identity.

More recently, the bank deployed security software on its Internet Banking platform called Trusteer Rapport. The software protects customer accounts from fraudsters by securing online communications with the bank's website/internet banking portal.