Wema Bank Suspends X Communications Over Surge in Fraudulent Accounts
By Aboki Forex —
Wema Bank has temporarily blocked communication on its X account, formerly Twitter, to protect customers from rising fraud and account impersonation.
The lender announced the suspension in a post on Sunday, urging customers to stop interacting with its 'Wema' and 'Alat' accounts on the platform until further notice. Alat is the bank's digital banking platform.
Wema Bank said routine checks and security sweeps revealed a surge in customers falling victim to scam accounts and fraudsters using fake profiles on X.
“As part of our ongoing efforts to proactively protect your interests and take action against these accounts, we have decided to pause communications on the X platform until further notice,” the bank stated.
“Please do not attempt to contact us on X,” it added.
The bank explained that the move aims to prevent customers from being duped by fraudulent accounts operating under the bank's name. It directed customers to its official Instagram and Facebook pages, its contact centre, or email for verified support.
“Please do not engage with or respond to any account claiming to represent us on the platform during this period,” Wema Bank said.
Over 70 Fake Accounts Identified
More than 70 unverified accounts using the names 'Wema Bank' or 'ALAT' have been identified on X, despite having no affiliation with the lender.
The situation highlights growing cybersecurity threats in Nigeria's banking sector. In March, the Central Bank of Nigeria gave lenders a three-week ultimatum to complete a mandatory cybersecurity self-assessment as part of efforts to boost financial system resilience.
The CBN said the exercise would improve risk-based monitoring and regulatory oversight of cyber threats in the financial ecosystem.