Fake bank websites, cloned social media accounts and fraudulent text messages are exposing customers to growing cybersecurity risks in Nigeria’s digital banking system, as criminals increasingly impersonate trusted financial institutions to steal sensitive banking information.
The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has warned customers to remain vigilant against phishing scams and other forms of cyber fraud, following the circulation of fraudulent text messages impersonating various banks.
FactCheckAfrica debunked the messages, finding that the links they contained directed users to cloned internet banking websites designed to steal login credentials, Bank Verification Numbers (BVNs), card details and transaction PINs.
The incident highlights the risks facing customers as digital banking services continue to expand in Nigeria, with fraudsters exploiting the identities of established financial institutions to make their schemes appear legitimate.
In June, Wema Bank suspended its engagements on X, formerly Twitter, amid reports of more than 70 fake accounts impersonating the bank and its ALAT platform. In August, Zenith Bank Plc disclosed that it was investigating unauthorised access to customer data linked to a global cyberattack.
Jide Sipe, president of ACAMB, warned that fraudsters were increasingly adopting sophisticated methods to impersonate trusted banking brands and obtain customers’ personal information, making fraudulent communications more difficult to distinguish from legitimate messages.
“When a scam message carries your name, your phone number or your bank’s logo, it looks real. That is exactly why customers must slow down. No bank in Nigeria will ask you to confirm your PIN, password, OTP or BVN through a link,” Sipe said.
He acknowledged efforts by banks to strengthen fraud detection and customer protection, alongside regulatory measures introduced by the Central Bank of Nigeria through its mandatory cybersecurity self-assessment guide.
However, he stressed that these measures must be complemented by customer awareness and vigilance, particularly when handling requests for sensitive banking information.
“Banks can strengthen their security systems, but fraudsters continue to find ways to exploit unsuspecting customers. We must all remain vigilant. Always pause, verify requests through official channels and report anything suspicious before taking action,” he added.
ACAMB urged customers to avoid clicking links in unsolicited messages asking them to verify, reactivate or secure their bank accounts, warning that such links could lead to fraudulent websites designed to harvest financial information.
It also cautioned customers against sharing personal identification numbers (PINs), passwords, one-time passwords (OTPs), card verification values (CVVs) or BVNs in response to suspicious requests.
Customers were advised to verify communications directly with their banks through official mobile applications, verified social media accounts or published customer service numbers rather than relying on links or contact details contained in unsolicited messages.
Those who have entered their banking details on suspicious websites were urged to contact their banks immediately to secure their accounts and block affected cards where necessary.
The association reaffirmed its commitment to working with member banks, regulators and the media to raise awareness of cyber fraud and promote safer digital banking practices.
As the use of online financial services continues to expand across Nigeria, the incidents underscore the importance of combining stronger security systems with customer education and prompt verification of suspicious communications to protect users and sustain confidence in digital banking.
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
