GTB, Zenith, Access Bank Others Send Important Messages to Customers as Fraud Cases Rises

Nigerian banks are worried about more and more customers getting tricked by scams, so they’re working extra hard to teach their customers how to protect themselves.

A recent report from the Nigeria Inter-Bank Settlement System (NIBSS) found that in just six months of 2023, over N9 billion was lost to fraud in the banking system. This year, the fraud loss was N5.1 billion in the first quarter, and it went up to N9.5 billion by July 2023. This makes the total fraud loss in the banking sector since 2019 reach a staggering N50.5 billion.

To help their customers stay safe, various banks like United Bank of Africa, Guaranty Trust Bank, Zenith Bank, and First Bank have sent out messages warning about fraud. They’re telling customers to be really careful and not share their important personal information with anyone. For example, UBA said, “Before you reply to a tweet claiming to be from UBAGroup on Twitter, make sure there’s a Gold verified tick and followers’ count. Don’t give your banking and card details to people pretending to be us.”

First Bank reminded people, “Don’t tell anyone your PINs, passwords, OTPs, and other personal banking details because FirstBank will never ask for these.”

Zenith Bank suggested that customers visit their bank branches or ATMs to update their personal info to keep it safe. They also said, “We’ll never ask for your card details, PIN, Token codes, or other account info through calls, SMS, or emails. If you get a message asking for these, don’t reply.”

Meanwhile, the Nigerian Communications Commission (NCC) got 20,000 complaints from people who were scammed by fake telecom operators or loan sharks. These fraudsters try to trick people into giving them money through phone calls and messages. The NCC is warning everyone to be careful when dealing with strange phone calls, texts, or requests. They’re advising people to stay cautious and not fall for these tricks.