Major Nigerian financial institutions have raised urgent alarms about evolving cybercrime tactics targeting unsuspecting banking customers across the country.
New Fraud Techniques Exposed
Ecobank Nigeria issued a critical public advisory on Monday, November 10, 2025, revealing that fraudsters are deploying increasingly sophisticated methods to compromise customer accounts. The bank highlighted two primary threats: clone banking applications and deceptive pop-up windows that perfectly mimic legitimate banking platforms.
According to the financial institution, these fraudulent applications can gain complete access to users' mobile devices once installed. This unauthorized access enables criminals to harvest sensitive information including personal identification numbers (PINs), passwords, and one-time passwords (OTPs) - all crucial security elements that protect banking transactions.
Bank Security Recommendations
Ecobank has provided customers with clear guidelines to enhance their digital security. The bank strongly advises that customers should only download banking applications from official app stores such as the Google Play Store or Apple App Store. Additionally, users should avoid clicking on suspicious links or pop-ups, even if they appear to originate from banks or regulatory authorities.
Other crucial recommendations include verifying that banking login screens appear normal, uninstalling applications that exhibit unusual behavior such as automatic opening, and immediately reporting any suspicious activity through Ecobank's 24/7 customer service channel, Ecobank Assist.
The bank emphasized the seriousness of the threat, stating: "Scammers are creating fake apps and pop-ups that look like real banking apps. If you install them, they can access your phone and steal your PIN, password, and OTPs to make fraudulent fund transfers."
Industry-Wide Warnings
The cybersecurity alert extends beyond Ecobank, with other major financial institutions joining the warning campaign. Wema Bank has similarly cautioned its customers against clicking on suspicious links or responding to strange messages claiming to be from the bank.
Through its official communication channels, Wema Bank posted: "Scam Alert! Never click on suspicious links or respond to strange messages claiming to be from Wema Bank. Always confirm through our official channels: 07000PURPLE or 08039003700. Stay safe. Stay alert."
First Bank has reinforced these warnings, urging customers to maintain year-round vigilance against cyber fraud. The bank specifically advised customers against sharing sensitive banking information, including PINs, passwords, or OTPs, with anyone.
In a statement on social media platform X, First Bank clarified: "Being scam conscious cannot be overemphasized. Do not disclose your PINs, passwords, OTPs, or other personal banking details. FirstBank will never ask for these details or redirect you to WhatsApp or Telegram to handle complaints."
Broader Cybersecurity Context
These warnings come amid growing concerns about cybersecurity in Nigeria's banking sector. Recent reports indicate that the Federal High Court in Abuja has extended the freezing of 818 bank accounts by an additional 30 days. These accounts are suspected to contain funds linked to an alleged N10 billion cyberattack on Hope Payment Service Bank.
The court's extension aims to assist the bank in recovering money reportedly transferred into these accounts during a major cyber heist, highlighting the significant financial impact of such security breaches on both institutions and customers.
As fraudsters continue to develop more advanced techniques, Nigerian banks are intensifying their efforts to educate customers about digital security practices. The consistent message across all financial institutions is clear: customer vigilance and adherence to security protocols remain the first line of defense against evolving cyber threats.
