How Latest Eazzy Banking Update Shields Customers From Scammers

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Eazzy

A few months ago, Equity Bank was handling a ton of customer complaints, particularly on its social media platforms. The issues raised by customers were many, but they were mainly focused on customers losing money from their accounts.

Weeks later, the lender rounded up members of the media to explain the situation. In the meet, the bank made it clear that the raised concerns were genuine, and there were plans underway to address them fully.

This week, Equity announced that it had updated the Eazzy Banking up with added layers of security. The update went live a month or two ago, but this is the first time the public got word of the development.


Read: Eazzy Banking App Adds Fingerprint Recognition in New Update

Eazzy Banking needed an update because it has been mentioned that people who were illegally siphoning money from select accounts were using the app to execute their fraudulent activities. It was possible to do so because, at that time, scammers did not need a lot of details to steal.

Update

The app has two key features: you can log into it with a thumbprint instead of punching in a PIN. This is very good in a crowded scenario where it may be challenging to shield your phone display from prying eyes.

Finger-print locking has been supported in other financial apps for an extended period. we are also glad it is here, and I believe thousands of people are going to enjoy the feature (the app has been downloaded more than 1 million times).

The second layer of security comes in the form of a one-time password (OTP). This code will be sent to your Equitel line (or any other registered to your account) for any transaction.


In essence, it implies that a fraudster cannot transact by just having the Eazzy Banking App. Making sure that the code is sent to your number is an excellent idea.

We are also fairly certain that this feature has gone a long way to curb cases of theft that we used to see from time to time.

Other features

  • Besides normal installment loans, customers can borrow loans to purchase water tanks, borehole drilling, or smartphone loans to purchase their preferred mobile phone from phone dealers across the country.
  • New customers can now open accounts instantly via the app, while only using their national identification number.
  • Customers with foreign currency accounts will also be able to transact to and from their accounts using the Eazzy Banking platform.
  • Billers and merchants have been categorized according to the most popular and the favourites.

2 COMMENTS

  1. The unfortunate part with OTP is that it is not possible to type the password on the app. This means that the registered sim card must be on the same phone with the app….whereas it is a great improvement it is some inconveniencing to some of us…who probably have more than one phone

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