Nigerian Banks Fight Back: A Stance Against Rising Fraud Cases

Discover how leading Nigerian banks like UBA, GTB, and Zenith Bank are tackling the rising fraud cases, empowering customers with critical safety tips.

Did you know that fraud losses in the Nigerian banking sector have been skyrocketing? The numbers will shock you.

However, as the adage goes, “With great power comes great responsibility.”

Our banking institutions are rising to the occasion, sending out crucial messages to arm customers against these fraudsters.

A Glimpse into the Numbers

Startling Statistics

In just the first half of 2023, the Nigerian banking sector reported a staggering N9 billion lost to fraudulent activities.

To put this in perspective, the first quarter saw a loss of N5.1 billion, and by July 2023, this number had climbed to N9.5 billion.

Since 2019, the accumulated loss due to fraud in the banking sector is a mind-boggling N50.5 billion!

The NIBSS Report

A recent investigation by the Nigeria Inter-Bank Settlement System (NIBSS) has brought these startling figures to light.

But, what’s the next step?

Banks to the Rescue

Messages from Leading Banks

Various banks, including the likes of United Bank of Africa (UBA), Guaranty Trust Bank (GTB), Zenith Bank, and First Bank, are taking a stand.

They’ve initiated campaigns to educate their customers, imploring them to protect their personal information.

UBA’s Stand: A recent tweet from the bank advised, “Before you reply to a tweet claiming to be from UBAGroup on Twitter, make sure there’s a Gold verified tick and followers’ count.

Protect your banking and card details like they’re treasure – because they are!”

First Bank’s Reminder: Their message was clear, “Guard your PINs, passwords, OTPs, and personal banking details.

Remember, we at FirstBank will never request such details. If anyone does, it isn’t us!”

Zenith Bank’s Protective Advice: They emphasize physical verification, “Visit our branches or ATMs to update personal info.

And here’s a tip: We’ll never ask for card details, PINs, Token codes, or account info via calls, SMS, or emails. Stay alert!”

Beyond Banking: The Telecom Sector’s Warning

Interestingly, it’s not just the banks that are seeing a rise in scams.

The Nigerian Communications Commission (NCC) reported a whopping 20,000 complaints regarding scams by fake telecom operators or loan sharks.

NCC’s Sage Advice: Be cautious of strange calls and messages.

They sound convincing, but they’re traps. Avoid getting ensnared by these fraudsters.

Think twice, thrice, or as many times as needed before sharing any information!

The alarming rise in fraud cases has made our trusted banks spring into action, arming us with knowledge and reminders.

It’s essential to heed their advice. After all, prevention is better than cure, right?

So next time you get a call or a message requesting sensitive information, remember: “Is this genuine?” Stay safe and stay alert

for more info do follow /


How much has been lost to fraud in the Nigerian banking sector since 2019?

Since 2019, the banking sector has reported a total loss of N50.5 billion due to fraud.

What precautions has UBA advised its customers to take on Twitter?

UBA advises customers to check for a Gold verified tick and followers’ count before replying to tweets claiming to be from UBAGroup.

Will First Bank ever ask for my PIN or passwords?

No, First Bank has clearly stated they will never ask for PINs, passwords, or any personal banking details.

How can I update my personal info with Zenith Bank?

Zenith Bank suggests customers visit their bank branches or ATMs to update their personal information.

What should I do if I get a suspicious call or message?

Be cautious and avoid sharing any personal information. Always verify the authenticity of the caller or sender.

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