Banks Lose N2.1bn To E-fraud, Warns On Scam Emails, SMS

By Nse Anthony-Uko

(Sundiata Finance) – The Central Bank of Nigeria (CBN) had said Nigerian banks lost N2.19 billion to fraudsters through electronic channels in 2016 as 19,531 fraud cases were reported by banks in 2016 as against 10,743 recorded in 2015. A breakdown of the actual amount lost showed that across the counter transactions with a total value of N511million accounted for the highest losses.

This was followed by Automated Teller Machine (ATM) transactions with N464.5 million; Internet banking, N320.66 million; Point of- Sale  transactions, N243.32 million and mobile banking transactions, N235.17 million among others.

Over increased Mobile Money crime rate, commercial banks are alerting their customers on fraudulent Short Message Service (SMS) and scam emails saying fraudsters aimed at getting access to customers account details under false pretence.

They warned customers of not disclosing their account or card details to anyone or enter personal banking details on a website that is sent as a link in an SMS or Email. Specifically, Guaranty Trust Bank Plc (GTBank) in an email to its customers said the bank’s staff will never call or send an email requesting for account details.

According to GTBank, “This is a reminder that you should never disclose your account or card details to anyone or enter your personal banking details on a website that is sent as a link in an SMS, Email, Online or any social media platform. “Exit any page immediately if you are asked to enter your account, card or internet login details.

First City Monument Bank also warned customers not to respond to fraudulent SMS on Biometric Verification Number (BVN) reactivation. FCMB in a statement said “if you have received a similar message, do not respond. Delete Immediately. Do not send or divulge personal banking details to any individual claiming to be a representative of FCMB. Loan enquiries and application can be done at any FCMB branch.”

First Bank of Nigeria Limited, among other commercial banks consistently updates customers on latest happening on fraudulent mobile money activities. First Bank of Nigeria Limited early this year reaffirmed its leadership position in corporate governance and risk management with its re-election into the Board of Advisors of the Payment Card Industry Security Standards Council (PCI SSC) for the third consecutive time.

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