Increased Cyber Fraud Risk During Festive Seasons
As cyber fraud incidents surge in Nigeria, Moniepoint Microfinance Bank’s Managing Director, Babatunde Olofin, has issued a stern warning against the public sharing of bank account numbers. This caution, delivered in an interview with the News Agency of Nigeria (NAN), highlights the critical need for heightened cybersecurity awareness, especially during festive periods when scams are prevalent.
Olofin pointed out that many unsuspecting individuals have faced legal troubles because fraudsters exploited their account details for illicit activities like money laundering.
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Key Warnings and Advice from Moniepoint
1. Avoid Sharing Bank Account Numbers Publicly
Babatunde emphasized that bank account numbers are private information and should not be shared publicly, even for giveaways. He warned that fraudsters often use giveaways as a ploy to collect personal details.
“People don’t love you as much to be giving you giveaways. They are harvesting your details. Your bank account is a private detail,” he stated.
2. Beware of Fraudulent Tactics
Fraudsters deploy tactics like promising free gifts or rewards to trick victims into sharing their bank details. Victims often end up making upfront payments, losing their money, or having their identities stolen.
Babatunde noted that some victims have unknowingly participated in crimes such as money laundering due to their accounts being misused.
“Fraudsters do a lot of things. They structure funds and understand how internal systems work,” he added.
Moniepoint’s Cybersecurity Initiatives
To combat these threats, Moniepoint collaborates with key regulatory agencies like the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC).
Transaction Monitoring and Fraud Detection
The bank has established a robust transaction monitoring and anti-money laundering team to proactively detect and prevent fraudulent activities.
“We’ve built up a transaction monitoring and money laundering team that has set rules internally,” Babatunde disclosed.
What You Should Know About Rising Cyber Fraud Cases
Alarming Trends in Nigerian Banks (2024)
- 65% Increase in Fraud Cases: From 11,532 incidents in Q2 to 19,007 in Q3.
- 105% Surge in Fraud Amounts: Fraud attempts rose from ₦56.6 billion in Q2 to ₦115.9 billion in Q3.
- Actual Losses Reduced: Banks minimized losses to ₦10.1 billion in Q3, a 75.4% decline compared to ₦42.8 billion in Q2.
Despite these efforts, Nigerian banks cumulatively lost ₦53.4 billion to fraud within the first nine months of 2024, signaling the need for increased vigilance among individuals and institutions.
How to Protect Yourself from Cyber Fraud
- Guard Personal Information: Treat bank account details as private and avoid sharing them publicly.
- Be Skeptical of Giveaways: Verify the authenticity of any promotional offers.
- Enable Security Features: Use two-factor authentication (2FA) for your bank accounts and online transactions.
- Monitor Account Activity: Regularly check your bank statements for unauthorized transactions.
Final Thoughts
As fraudsters become increasingly sophisticated, Nigerians must prioritize cybersecurity awareness. Avoiding the public sharing of bank account details is a vital step in protecting yourself from falling victim to scams. Moniepoint’s proactive measures and collaboration with regulatory bodies demonstrate its commitment to safeguarding customers.
By taking preventive actions, you can minimize risks and enjoy a safer financial experience during the festive season and beyond.
Source: Cyber Fraud: Stop Sharing Account Numbers Publicly – Moniepoint MD
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