CBN warns Nigerians of rising fraud: tips to protect bank accounts from scammers
By Aboki Forex —
The Central Bank of Nigeria (CBN) has issued a fresh alert to the public about fraudulent messages falsely claiming to originate from the apex bank. The CBN said these fake messages are designed to mislead Nigerians and steal personal and financial data.
In a statement signed by Hakama Sidi-Ali, Acting Director of Corporate Communications, the CBN warned that cybercriminals are circulating deceptive messages, emails, and online communications in its name. The bank urged the public to avoid suspicious links and verify all information through its official website.
How fraudsters target Nigerians
The CBN said the fraudulent messages prompt recipients to click links, peddle false information about the bank's leadership, licensing, and policy issues. These messages are intended to hack personal accounts. The bank noted that fraud and scams are becoming increasingly sophisticated in the digital age, making vigilance essential for individuals and businesses.
Phishing is one of the most common threats. Fraudsters impersonate trusted organisations through emails, text messages or phone calls to steal passwords, bank details and other sensitive information. The CBN advised Nigerians never to click suspicious links and to verify the identity of anyone requesting confidential information.
Online shopping and investment scams
The apex bank also warned against online shopping scams. It urged consumers to buy only from trusted websites, ensure payment pages use secure 'https://' connections, and check reviews before making purchases. On investment scams, the CBN cautioned Nigerians against offers promising unusually high returns with little or no risk, including fake cryptocurrency and Ponzi schemes. It advised prospective investors to conduct proper research and seek professional financial advice before investing.
The bank further highlighted the dangers of identity theft and social engineering scams, where criminals manipulate victims into revealing confidential information by pretending to be government officials, colleagues or relatives in distress.
Steps to protect yourself and what to do if scammed
To reduce the risk of fraud, the CBN encouraged Nigerians to use strong and unique passwords, enable two-factor authentication, shred sensitive documents before disposal, and regularly monitor their bank accounts for unauthorised transactions. The CBN advised anyone who suspects they have fallen victim to fraud to contact their financial institution immediately to secure their accounts and reverse unauthorised transactions where possible.
It also urged victims to report incidents to law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, the Department of State Services (DSS), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), or, in cases involving international cybercrime, the United States Federal Bureau of Investigation's Internet Crime Complaint Centre. The bank also advised affected individuals to change compromised passwords immediately and enable two-factor authentication to improve the security of their online accounts.
The CBN reaffirmed its commitment to protecting the Nigerian financial system, saying it continues to strengthen its cybersecurity frameworks in collaboration with relevant agencies to combat digital fraud.