As 2026 draws near, a stark warning has been issued to the millions of Nigerians who rely on mobile banking for their daily financial activities. Cybersecurity experts and recent data highlight the emergence of ten particularly dangerous malware and scam tactics that pose a severe risk to users' funds. With digital literacy gaps widening and these threats becoming increasingly sophisticated, awareness and vigilance are now more critical than ever.
The Evolving Landscape of Mobile Banking Fraud
Mobile banking has undeniably become the cornerstone of everyday finance in Nigeria and globally. However, as billions of users tap, swipe, and pay from their smartphones, cybercriminals are innovating at a similar pace. They are exploiting weaknesses in devices, applications, user behaviour, and network security. The situation is compounded by threats that are harder for the average user to spot, making an understanding of the coming risks essential for financial safety.
Pascal Oparada, a seasoned journalist with Legit.ng covering technology and the economy, underscores the urgency of this alert published on 24 December 2025.
Ten Critical Threats Targeting Your Wallet
1. AI-Powered Phishing Scams: Gone are the days of poorly written scam emails. Modern phishing attacks leverage artificial intelligence to generate highly convincing SMS, WhatsApp, and email messages that mimic official bank communications almost perfectly. These messages are designed to trick users into revealing one-time passwords (OTPs) and PINs, granting fraudsters full access to accounts. These campaigns are now often personalised, making them significantly more effective.
2. Fake Mobile Banking Apps: Criminals are creating cloned versions of popular banking apps and distributing them through unofficial app stores or links on social media. Once installed, these fraudulent applications can run in the background, harvesting login credentials without the user's knowledge. The risk is highest for those who download apps from sources other than official stores like Google Play or the Apple App Store.
3. SIM-Swap and Number Hijacking: This remains a top-tier threat. Fraudsters deceive mobile network operators into issuing a duplicate SIM card linked to the victim's phone number. With control of the number, they can intercept SMS alerts and reset passwords for banking apps, enabling them to complete transactions before the victim realises what has happened.
4. Social Media Investment Scams: Platforms like TikTok, Facebook, and Instagram are rife with fake loan offers, "guaranteed" cryptocurrency deals, and bogus instant grant pages. These scams typically redirect victims to fraudulent banking portals engineered to steal login details and drain accounts.
5. Public Wi-Fi Hacking: While convenient, shared Wi-Fi hotspots in cafes, markets, and transit stations are inherently risky. Hackers on the same open network can intercept unencrypted data travelling between a user's phone and their bank's server. Without proper encryption or a VPN, sensitive information like passwords can be easily stolen.
6. Malware Hidden in Everyday Apps: Threats are not always from obvious sources. Some seemingly harmless gaming, utility, or "free" apps can contain hidden malware. This malicious code can track keystrokes or take screenshots as users enter sensitive banking information, providing a stealthy method for data theft.
7. Voice-Cloning and Social Engineering: Advances in cloning technology allow scammers to create realistic audio imitations of bank officials or even family members. These synthetic voices are used in phone calls to pressure victims into authorising fraudulent transfers, exploiting trust rather than a technical system flaw.
8. Weak and Reused Passwords/PINs: A surprisingly common vulnerability is the continued use of weak authentication. Many users recycle simple passwords or predictable PINs across multiple accounts. If one service is compromised, attackers can often gain access to other accounts, including banking, using the same credentials.
9. Account Takeovers from Data Leaks: In today's interconnected digital world, personal data is stored across numerous platforms. When non-banking services suffer data breaches, fraudsters combine this leaked information with brute-force attacks to hijack bank accounts. Cross-site data breaches are a growing concern as more services move online.
10. Low Awareness of Fraud Reporting Channels: A threat can only be effectively countered if it is reported promptly. Many victims do not know where or how to report fraud quickly, leading to delays. Such delays often result in stolen funds becoming unrecoverable. Awareness of official consumer protection channels and swift action are crucial for better outcomes.
Protecting Your Financial Future
While mobile banking in 2026 offers unparalleled convenience and financial empowerment, it also presents new opportunities for cybercriminals. The defence against these threats hinges on user vigilance and continuous education. Experts advise Nigerians to stay alert, keep all device and app software updated, and prioritise secure practices such as using strong, unique passwords and enabling two-factor authentication where possible. By understanding these ten critical threats, users can take proactive steps to safeguard their hard-earned money in the coming year.
