Banks are stepping up warnings to customers about safeguarding their banking credentials as online fraud surges across Africa's largest economy.
This is coming after Tier-1 lenders in separate emails sent to customers on Monday, advised clients not to disclose their personal identification numbers (PINs), online banking passwords or one-time passcodes (OTPs) to third parties, including supposed bank officials.
Daily Sun had in August reported that fraudsters were increasingly impersonating financial institutions through emails, phone calls and text messages in a bid to harvest confidential details.
In an email titled; FX rate update: International payments on your Naira card, Access Bank, said, "Access Bank will never ask for your complete card number, PIN, one-time password in our email. If you lose your phone, dial *901*911#. Links within our page will only take you to the information pages on our website".
The renewed emphasis on cybersecurity comes as banks grapple with heightened digital risks linked to the country's rapid shift toward cashless payments. The Central Bank of Nigeria (CBN) has promoted mobile transfers, electronic wallets and point-of-sale transactions as part of efforts to modernize the financial system. That drive, coupled with rising smartphone penetration, has expanded access to banking but also opened new avenues for fraud.
Losses from electronic fraud in Nigeria reached N17.67 billion in 2023, according to data from the Financial Institutions Training Centre (FITC). A report by surfshark, a cyber security firm, revealed that Nigeria recorded over 152,000 compromised bank and digital accounts in the first 6 months of the year.
Analysts say the figure is likely underreported, as many incidents go unrecorded.
An analyst and Senior Relationship Manager, Corporate Banking Division at FSDH Merchant Bank, said, "Banks are investing heavily in cybersecurity infrastructure, but the weakest link is still the customer. Fraudsters know people can be tricked into giving away their information. That is why these repeated warnings are critical."
Access Bank, Nigeria's biggest lender by assets, said it has strengthened monitoring systems to detect unusual transactions in real time and introduced multi-factor authentication to protect accounts.
Still, it urged customers to take personal responsibility.
Other major banks, including Zenith Bank Plc and Guaranty Trust Holding Co., have issued similar alerts on their mobile apps and social media platforms. Many are also running public awareness campaigns through radio jingles and billboards in an effort to curb rising scams.
The CBN has pressed banks to improve fraud detection and consumer education as part of broader measures to strengthen trust in digital payments. In July, the apex bank directed banks to establish 24-hour fraud desks to handle customer complaints and mandated quicker resolution timelines.