Five Easy Steps to Check Fake Bank Alerts as NIBSS Reveals Nigerians Lost N5bn to Fraud In 9 Months

Five Easy Steps to Check Fake Bank Alerts as NIBSS Reveals Nigerians Lost N5bn to Fraud In 9 Months

  • To be a victim of fraud can be one of the most painful experiences, especially after spending years to build
  • While there are various ways fraud can be perpetrated, one of the most common and the easiest is the use of fake alert
  • The most recent industry fraud report from NIBSS data shows how Nigerians lost over N5 billion to fraudsters

In recent years, there has been a huge spike in the number of fraudulent cases, and this has become a source of concern for the Central Bank of Nigeria.

In an industry fraud report by the Nigeria Inter-Bank Settlement System Plc (NIBSS) it was detailed that in a nine month period, fraudsters attempted attacks 46,126 times, and they were successful on 41,979 occasions.

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This represents a 91% successful rate, amounting to a N5.2 billion lost to bank customers.

Fake alerts and how to avoid fraud
Details of how fraud is carried out Credit: NIBSS
Source: Facebook

The report also showed that N550 million have been earlier stolen by fraudsters in the first nine months of 2019.

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How bank customers are falling victims to fraudsters

According to NIBSS data, the easiest fraud attempts were carried out via the web followed by mobile channels, ATMs, and Point of Sale.

What information do these fraudsters need? 

As earlier stated fake alert is one-way fraud is perpetrated. In a report by Nigerian Tribune, there are certain apps these criminals utilize to carry out their activities. Here is how to Avoid falling victim.

Check out for misspellings. 

  • Check the credit alert you received if it contains your bank
  • The real bank alert will show you how much you had before the alert and after the alert.  
  • Have a precise knowledge of how much was in your account
  • If you get an email alert, check the email source and ensure it comes from your bank's official account 
  • Check the authenticity of the mobile app used.  

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Land scam: EFCC arrests, arraigns another top Govt ex-official

In another report, the EFCC has arrested and arraigned Kayode Odeyemi, a former deputy comptroller of correctional service before a high court in Bwari, Abuja.

According to the commission's director of media and publicity, Wilson Uwujaren, Odeyemi was arraigned for crimes bordering on land fraud.

In the charges filed against Odeyemi, the commission claimed that he defrauded one Joseph N. Emelieze of N6,500,000 in 2019.


Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email:

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