“Don’t Be a Victim”: Zenith, Access, GTB, Others Send Messages to Customers as Fraud Cases Rise to Over N9bn

Aug 24, 2023 | Entertainment, News

  • Commercial banks in Nigeria have intensified efforts to tackle rising online scams targeted at their customers
  • A new report from NIBSS shows that, within six months of 2023, over N9 billion was lost to fraud in the banking system
  • Zenith Bank, Access Bank, and United Bank of Africa are some of the commercial banks that have recently been using social media to educate their customers

Nigerian banks are concerned about the rising number of customers falling victim to fraud and have stepped up efforts to educate customers.

In similar messages, the banks provided steps on how customers can tackle online scams targeted at them.

Nigerian banks fraud
Bank fraud rose by over N9 billion in six months
Photo credit: Benson Ibeabuchi
Source: Getty Images

Bank fraud

A recent report by the Nigeria Inter-Bank Settlement System (NIBSS) showed that over N9 billion was lost to banking system fraud this year.

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A breakdown of the figure unearthed that in the first quarter, it stood at N5.1 billion, rising to N9.5 billion as of July 2023.

The latest figure brings the total amount lost to fraud in the banking sector since 2019 to N50.5 billion.

Banks’ messages to customers

Various banks such as the United Bank of Africa, Guaranty Trust Bank, Zenith Bank, and First Bank have alerted their customers in different ways to fraud attacks, urging them to be vigilant and careful about disseminating important personal information.

UBA, in a recent update titled: ‘Don’t be a victim of fraud’, reads:

” Check for the Gold verified tick and followers’ count before you reply to a tweet from any fraudulent page claiming to be an affiliate of UBAGroup on Twitter. Banking customers should be cautious as there isn’t a WhatsApp department.

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“Do not share your banking and card details with impersonators.”

First Bank, in a tweet, said:

“Stay Scam Smart! Please note: Do not disclose your PINs, passwords, OTPs, and other personal banking details to anyone as FirstBank will never ask for these details.”

Zenith Bank urged customers to visit any nearest branch or automated teller machines to update their personal information.

“This action will ensure access to your account and financial information details are not exposed to third parties.

“Zenith Bank would never call, SMS, or e-mail requesting for your card details PIN, Token codes, Mobile/internet, Banking login details, or other account information. If you have received such a message, please do not respond.”

“Shine your eyes, no fall mugu”: NCC warns Nigerians, exposes fraudsters’ tricks

Meanwhile, in another report, the NCC has received 20,000 complaints from Nigerians who have fallen victim to telecom fraud.

The commission reveals that many fraudsters pose as telecom operators or loan sharks to deceive people and extract money from them.

NCC wants Nigerians to be cautious when dealing with suspicious phone calls, messages, or requests.

Source: Legit.ng

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