In this digital era, where business opportunities and professional networking increasingly take place online, establishing a professional presence on the internet is an essential task for anyone seeking to grow in their career. However, with the rise of online opportunities comes an equally prominent increase in the number of scams, attempting to exploit innocent individuals.

In this article, we will explore how you can build your professional online presence while avoiding becoming a victim of scams, specifically focusing on common LinkedIn scams.

Understand the Importance of Online Presence

Your online presence can open doors to opportunities and career advancements. It can help you connect with professionals worldwide, expose you to industry trends, and present yourself to potential employers or partners. A well-curated online presence has the power to project your skills, experiences, and professional ethos to the global community.

Recognizing Common LinkedIn Scams

LinkedIn, being one of the most popular professional networking platforms, has unfortunately become a hotspot for scammers. They exploit users through various methods such as fake job offers, phishing attempts, or even romance scams. Educating yourself about these common Linkedin scams is the first step to protect your online presence.

Maintaining Professionalism in Your Online Presence

Here are few steps to ensure that your online presence reflects your professionalism:

1. Craft Your Professional Brand: This includes your online profiles, portfolios, and any digital content that represents you. Everything should consistently reflect your professional brand, including your skills, experience, and aspirations.

2. Share Thoughtful Content: Thought leadership can boost your professional image. Regularly sharing relevant industry insights, your unique perspectives, or the work you’re doing helps you become a respected voice in your field.

3. Engage Professionally: Engagement is key to maintaining your online presence. Respond to comments, share others’ content, and engage in meaningful conversations. But remember, always maintain professional decorum.

Protecting Your Online Presence from Scams

While building your professional online presence, it’s crucial to protect it from potential scams. Here are some steps to safeguard your online presence:

1. Secure Your Accounts: Use strong, unique passwords for each of your online accounts. Enable two-factor authentication whenever available.

2. Think Before You Click: Be wary of unsolicited messages, especially those urging immediate action or offering too-good-to-be-true opportunities. If a message seems suspicious, it’s best to avoid clicking any links or attachments.

3. Verify Contacts: Before engaging with a new contact, check their profile for authenticity. Fake profiles often have few connections, incomplete information, or generic profile pictures.

4. Safeguard Your Private Details: Online spaces? They’re the wild west when it comes to your personal info. Beware, friend! Scammers, prowling like cyber-shadows, can morph into your digital doppelganger. A detail here, a snippet there – they’re crafty at conning you into laying bare your precious data. Stay vigilant!

Recovery and Reporting After a Scam

Despite all precautions, if you do fall prey to a scam, it’s important to act quickly:

1. Report the Scam: Immediately report the incident to the platform where it occurred. For example, LinkedIn has a dedicated process for reporting scams.

2. Change Your Passwords: Change your passwords for the compromised account and any others that use the same or a similar password.

3. Monitor Your Accounts: Keep an eye on your financial and online accounts for any unusual activity.

4. Educate Yourself: Use this experience to educate yourself and others about scams, helping to prevent them in the future.

Conclusion

Building a professional online presence can be a powerful tool for career growth. However, the online world is fraught with scams ready to exploit unsuspecting users. By staying informed about common scams, maintaining professionalism, securing your accounts, and knowing what steps to take if you do fall victim to a scam, you can confidently and safely navigate your online professional journey.

In 2010, the CBN Regulation on the Scope of Banking Activities and Ancillary Matters No. 3, 2010 was issued to repeal the Universal Banking Model, which hitherto permitted banks to engage in non-core banking financial activities either directly or indirectly through designated subsidiaries. 

In the light of developments and the need to ensure synergy in the financial system, the Central Bank of Nigeria (CBN) in exercise of its power under Section 33(1)(b) of the CBN Act 2007 and the provision of Part 2, Section 3, Item (l) of the CBN Scope, Conditions & Minimum Standards for Commercial Banks Regulations No. 01, 2010 has considered it necessary to issue these guidelines on Bancassurance. 

The guidelines set out the regulatory framework for the offering of bancassurance products through the non-integrated referral model. The choice of this model is premised on the fact that it does not preclude banks from focusing on their core banking businesses and does not undermine the essence of the CBN’s New Banking Model.

This article will thus be looking into the notable provisions of the CBN Bancassurance guidelines.

What are the definitions of some important terms regularly highlighted or used by the guidelines?

Bancassurance – An arrangement in which insurance companies leverage on the customer base of banks to sell insurance products to banks’ customers.

Referral Model – In this model, a bank refers its customers to its partner insurance companies. In return, the bank receives a commission on each lead closed by the insurance company. The bank is not involved in marketing the products.

Bancassurance Agreement – A contract duly executed between a bank and an insurance company to engage in the referral model of bancassurance.

Bancassurance Products – Insurance products which fall under the General and Life insurance business that would be sold to banks’ customers by the insurance company under a bancassurance referral model agreement. The product is distinct from insurance covers that serve as mitigants for losses against credit and other risks.

Commission – Referral fee payable to the bank by the insurance company in line with the provisions of the Bancassurance Agreement.

Which activities are classified as “Prohibited Business” under the Bancassurance guidelines?

The following businesses are prohibited under the guidelines:-

-Banks shall not engage in any other model of bancassurance other than that permitted under these guidelines and for which approval has been obtained from the CBN. 

-Banks shall not offer banking products that incorporate insurance features.

– Banks shall not offer free premium payments as a feature of any of their products.

-Banks shall not provide the bancassurance referral service in a manner that contravenes these guidelines.

What is the provision of the CBN Guidelines regarding bancassurance arrangements between banks and insurance companies?

The guidelines provide that the referral model of bancassurance arrangements between a bank and an insurance company shall not be valid without an executed Bancassurance Agreement.

Banks shall not undertake any insurance marketing, underwriting or claim settlement. This must be clearly stated in the Bancassurance Agreement.

Banks are also to ensure that no risks are transferred to it and shall not assume any fiduciary responsibility or liability for any consequences, financial or otherwise, arising from the subscription to insurance policies by their customers under the Bancassurance Referral Model. 

Is there a need for regulatory approval from the CBN regarding bancassurance arrangements?

Yes, there is. The offering of bancassurance referral services by a bank is subject to the CBN’s approval. A bank that intends to offer bancassurance referral services is required to submit the following alongside its application:

• An extract of Board resolution approving the service.
• The Bancassurance Agreement between the bank and the insurance company.
• The bank’s assessment of risks and mitigants put in place.

What are the provisions of the guidelines on the marketing of bancassurance products and policy documents?

– The insurance products to be sold shall be strictly the products of the insurance company. 

– The bank’s name or logo shall not appear in any of the policy documents.

-The insurance marketers may be allowed to occupy a space in the banking hall of the bank.

– Banks shall maintain adequate records of all transactions which will be reviewed during supervisory activities.

What are the provisions of the guidelines on claims handling and settlement?

-Banks shall not be responsible for claims handling and settlement as these are the responsibilities of the insurance companies.

 -The insurance companies shall be solely responsible for the collection of necessary documents and information related to claims.

What are some of the notable Consumer Protection Safeguards provided by the guidelines?

-The referral shall be based on the needs of the customers as assessed by the banks and would be advisory in nature. This shall be made known to the customer.

– Banks are prohibited from influencing or compelling customers in any way to take up insurance products from insurance companies they have bancassurance referral agreement with.

-Banks shall not charge their customers service fee, processing fee, administration charge or any other fee for the referral.

-Banks shall ensure the confidentiality of consumer data and information.

-Banks shall ensure that the insurance company has in place an appropriate complaints redress mechanism.

What are the provisions of the guidelines on annual disclosures?

Banks shall disclose in the notes to the annual financial statements referral commission earned from bancassurance services.

What are the provisions of the guidelines on non-compliance?

Banks should ensure compliance with these guidelines as any breach of the Guidelines shall attract sanctions in accordance with the relevant sections of the Banks and Other Financial Institutions (BOFIA) Act. In addition, the bank may be prohibited from offering bancassurance referral services.