Major financial institutions across Nigeria have issued a critical security alert, strongly advising customers to avoid using public Wi-Fi networks for any banking or financial transactions, especially during the ongoing festive period.
Festive Season Sees Spike in Cybercrime Attempts
The warnings, disseminated through emails and official channels ahead of the Christmas and New Year celebrations, highlight that cybercriminals are actively targeting unsecured internet connections in public spaces. Banks specifically named airports, hotels, restaurants, and shopping malls as high-risk locations where fraudsters lurk to gain unauthorized access to bank accounts.
Financial analysts note that the end-of-year period traditionally records a significant surge in electronic payments and transfers. This increased activity creates a prime window for criminals to exploit any lapses in customers' security habits.
How Banks Are Advising Customers to Stay Safe
In a detailed email advisory seen by the public, Access Bank, one of Nigeria's leading lenders, explicitly cautioned its customers. "The festive season is here, and there is no better time to keep your account safe. Please do not share your PIN, OTP, CVV, or full card number with anyone, no matter how tempting the offer is," the bank stated.
The bank provided actionable steps for customers, including immediately blocking a compromised account by dialing *901*911# or contacting support via the official AccessMore app. Crucially, Access Bank advised customers to verify all transaction alerts directly through its secure AccessMore application and to strictly avoid conducting any financial business on public Wi-Fi.
This guidance has been echoed by numerous other banks, all urging the use of secure personal mobile data or trusted private networks for any monetary transaction. Additional universal advice includes:
- Avoid clicking on suspicious links in emails or messages.
- Never respond to unsolicited requests for personal or financial details.
- Be highly skeptical of offers that promise unrealistically high returns or demand urgent payments.
Industry experts stress that while banks invest heavily in cybersecurity, fraud prevention is a shared responsibility between institutions and their customers.
The Massive Financial Toll of Digital Fraud
The warnings come against a backdrop of escalating digital payment fraud in Nigeria. Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals that annual losses run into tens of billions of naira, with noticeable peaks during high-spending seasons like the December festivities.
Cybersecurity specialists explain the technical risk: public Wi-Fi networks are often poorly secured, enabling attacks like "man-in-the-middle" schemes. In these attacks, criminals intercept communication between a user's device and their banking platform, potentially stealing login credentials and transaction details in real-time.
Banks have observed a shift in fraud tactics, noting that modern schemes rely less on directly hacking banking systems and more on manipulating customer behavior. This makes public awareness and vigilance a crucial first line of defense.
Regulatory and Governmental Response
The Central Bank of Nigeria (CBN) has consistently emphasized the need for robust security within the growing digital finance ecosystem. Speaking at the Nigeria Fintech Week 2025 in Lagos, CBN Governor Olayemi Cardoso underscored the necessity to balance innovation with security and competition with collaboration to build trust and safely expand digital payments.
On a broader scale, the federal government has initiated efforts to combat cybercrime in the banking sector. This includes the validation of a National Consumer Trust Framework, led by the Presidential Committee on Economic and Financial Inclusion (PreCEFI), aimed at restoring customer confidence following significant cyber attacks on several banks.
As electronic transactions continue to dominate commerce, Nigerian banks maintain that customer caution is the most effective tool for preventing financial loss during the festive season and beyond.
