Major financial institutions in Nigeria have issued a critical warning to their customers, urging heightened vigilance against a surge in fraudulent activities during the festive season. The alerts, disseminated via emails and social media channels, come as fraudsters exploit the increased holiday transactions to steal personal banking information.
Banks Sound Alarm on Rising Holiday Scams
According to cybersecurity firm PhishMe Cofense, the end-of-year period typically sees a spike in scams due to heightened financial activities. FirstBank, Stanbic IBTC Bank, Union Bank, and United Bank for Africa (UBA) have all proactively communicated with their clientele, highlighting specific threats. Fraudsters are impersonating trusted contacts and institutions, using deceptive messages, phishing calls, and social engineering tactics to trick individuals into revealing sensitive data like One-Time Passwords (OTPs), Personal Identification Numbers (PINs), and account credentials.
The banks emphasized that these criminals often encourage victims to click malicious links, download malware, or provide confidential details under false pretenses of offering assistance.
FirstBank's Detailed Advisory to Customers
In an email sent to its customers, FirstBank specifically pointed to emerging fraud trends affecting mobile apps, mobile wallets, and USSD banking channels. The bank stated that fraudsters use fake applications and social engineering to steal banking codes.
FirstBank provided a clear list of precautions for customers to follow:
- Never share your OTP, PIN, or account details with anyone, even someone claiming to be from the bank.
- Only install banking applications from official stores like the Google Play Store or Apple App Store.
- Avoid applications that request unnecessary access to your SMS or notifications.
- Secure your phone with strong passwords or biometric locks and ensure regular software updates.
- Report any suspicious activity immediately to FirstContactComplaints@firstbankgroup.com.
United Bank for Africa and Other Institutions Echo Warnings
Stanbic IBTC Bank used its social media platforms to remind customers that scammers become more active during holidays. The bank advised clients against sending funds for unverified services and reiterated the importance of never sharing OTPs, passwords, or PINs.
Union Bank also cautioned its customers, stating clearly: "Don’t let fraudsters steal your Christmas joy!" The bank assured that it will NEVER ask for your OTP, PIN, NIN, BVN, or ATM card details and urged customers to always verify messages through official channels while avoiding unknown links.
Similarly, UBA stressed that fraudulent activities continue unabated during festive periods. The bank encouraged customers to "stay sharp, stay protected, and always verify before engaging." It also requested the public to help fight fraud by reporting suspicious activities to its Fraud Help Desk promptly.
Background: The Serious Impact of Banking Fraud
This wave of warnings occurs against the backdrop of significant financial cybercrime in the country. The report references a recent case where the Federal High Court in Abuja extended the freezing of 818 bank accounts by an additional 30 days. These accounts are suspected to hold funds linked to an alleged N10 billion cyberattack on Hope Payment Service Bank. The court's extension aims to aid the recovery of money reportedly transferred into these accounts during the cyber heist.
The collective message from Nigeria's banking sector is unequivocal: as celebrations peak, so must customer caution. Protecting personal financial information is paramount to ensuring a festive season free from regret and financial loss.
