Wema Bank Plc has suspended its operations on the Telegram messaging platform following a sharp increase in fraudulent activities involving fake accounts that impersonate the bank to deceive customers. The bank disclosed this development in an email sent to customers on Monday, urging them to avoid engaging with any Telegram accounts claiming to represent Wema Bank or its digital banking platform, ALAT.
Rise in impersonation scams
On Monday, Wema Bank stated that its routine security checks revealed a spike in the number of accounts impersonating the bank and attempting to defraud customers on Telegram. The financial institution said it decided to suspend its operations on the platform to protect customer interests, emphasizing that ALAT is not available on Telegram. ALAT is the lender's digital banking platform.
“Our routine checks and security sweeps have shown a spike in the rate of customers falling victim to scam accounts and fraudsters using fake Telegram accounts,” the bank stated. “As part of our ongoing efforts to proactively protect your interests, we want to remind you that Wema Bank and ALAT are NOT on Telegram.”
Previous suspension on X
This move follows a similar action taken on June 7, when Wema Bank temporarily blocked communications on its X (formerly Twitter) account, citing the need to protect customers from fraudulent activities and account impersonation. The bank has been grappling with an increasing number of impersonation attempts across social media platforms in recent times.
Customer advisory
The lender urged customers to halt all interactions with its 'Wema' and 'Alat' accounts on Telegram until further notice. “We are not on Telegram. Please do not contact us on Telegram or engage with any Telegram account claiming to represent Wema Bank or ALAT. Please do not attempt to contact us on Telegram,” Wema Bank said, directing customers to contact the bank only through its verified Instagram account, official email address, and customer service phone lines.
Broader cybersecurity context
The move underscores the growing cybersecurity threats facing Nigeria's banking sector and other institutions. In response to such threats, the Central Bank of Nigeria (CBN) in March gave banks a three-week deadline to complete a mandatory cybersecurity self-assessment. The CBN said the exercise is designed to improve risk-based supervision and strengthen regulatory oversight of cybersecurity risks across Nigeria's financial ecosystem.
