In a major push to combat escalating digital fraud, leading Nigerian banks have launched a coordinated campaign to educate customers about protecting their finances. This initiative coincides with International Fraud Awareness Week, observed globally from November 17 to 23, 2025.
Banks Ramp Up Customer Alerts
Over the past several days, prominent financial institutions including UBA, Union Bank, Access Bank, Wema Bank, and fintech firm PalmPay have bombarded customers with security advice through emails, SMS alerts, and social media posts. The core message urges Nigerians to be extremely vigilant with sensitive banking details such as Personal Identification Numbers (PINs), One-Time Passwords (OTPs), and account passwords.
UBA's campaign, tagged "Stop. Check. Protect," emphasizes that awareness is the first line of defense. The bank explicitly warned customers never to share their OTPs with anyone, to immediately delete suspicious messages, and to always verify the authenticity of emails or phone calls before responding.
Union Bank focused on the threat of phishing, specifically cautioning customers about fake websites designed to impersonate the bank's official portal. The bank advised that anyone who may have inadvertently entered personal information on such a fraudulent site should contact the bank immediately through its official support channels.
A Stark Reminder: The N10 Billion Cyberattack
The urgency of these warnings is underscored by a recent, massive security breach. Reports confirm that scammers successfully orchestrated a cyberattack on Hope Payment Service Bank, making off with an estimated N10 billion from customers' accounts.
In response to this heist, the Federal High Court in Abuja has granted a request to freeze 818 bank accounts suspected of holding the proceeds from the attack. An affidavit from the Nigeria Police Force revealed that preliminary investigations confirmed the bank suffered the colossal loss as a direct result of the sophisticated cyber intrusion.
Central Bank Calls for Enhanced Cybersecurity
The growing threat of financial fraud has prompted a response from the nation's apex bank. The Central Bank of Nigeria (CBN) has publicly called on all financial institutions to significantly increase their investments in robust cybersecurity infrastructure.
CBN Governor, Olayemi Cardoso, made this appeal during a panel discussion at the Nigeria Economic Summit in Abuja. His comments highlight the critical need for stronger digital security measures, especially in light of recent service disruptions and system updates within the Nigerian banking sector.
As fraudsters become more advanced, the collective message from banks and regulators is clear: customer vigilance, coupled with enhanced institutional security, is the most effective weapon in the ongoing fight against financial fraud.
