EFCC Identifies Various Bank Frauds As Zenith, UBA, Access Tell Customers To Protect Accounts

• The EFCC has alerted Nigerians to the rising cases of bank fraud and has urged the public to be more cautious and watchful for warning signs
• The anti-graft agency identified common types of fraud within the banking system, urging Nigerians to remain vigilant
• Nigerian banks, including UBA, Access, and Zenith, continue to send messages to their customers on steps to avoid falling victim

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Economic and Financial Crimes Commission (EFCC) has issued another warning to the public, calling for vigilance and caution in safeguarding personal and business bank accounts.

The message to the public is part of EFCC's bid to combat rising incidents of bank fraud across Nigeria.

During a recent episode of #EFCCCONNECT (Episode 145), the commission highlighted various forms of bank fraud that have been increasingly reported:

Accounting fraud: This involves misrepresenting a bank's financial position through manipulation or misappropriation of funds.

Forgery & altered cheques: Fraudsters alter or forge checks to gain unauthorised access to funds.

Fraudulent loan applications: Individuals submit false information to obtain loans they aren't eligible for.

Identity theft/impersonation: Hackers gain access to personal information to exploit bank accounts

Money laundering: Concealing the source of illegally obtained money through various means.

Alerts from Leading Banks

In response to these threats, major banks such as Zenith Bank, United Bank for Africa (UBA), and Access Bank have urged their customers to remain vigilant and proactive:

UBA

The bank advised customers to report any suspicious activity promptly by calling dedicated emergency lines or sending an email to ensure swift intervention.

UBA: Email blockcard@ubagroup.com or call +2347002255822, +2348002255822

Access Bank

Addressing the growing threat of vishing (voice phishing), Access Bank warned customers against divulging personal information over the phone.

The bank urged customers to verify the authenticity of callers and never share sensitive details like card numbers or passwords.

Message reads:

"Beware of unsolicited telephone calls; always verify the caller’s identity by visiting the organisation’s official website and contacting them directly. Do not assume a caller is genuine simply because they have your personal information, as fraudsters can obtain such details from sources like social media.

"Never share your 16-digit card number, password, PIN, CVV, BVN, or OTP with anyone, as Access Bank will NEVER ask for such information. Report any suspicious calls immediately by calling 07003000000 or emailing contactcenter@accessbankplc.com."

Similar, Zenith Bank also reminded its customers on th need for caution, urging customers to report any suspected fraud immediately.

Bank customers overdraw $7.7 million

Earlier, Legit.ng reported that a Kenyan bank lost about $7.7 million due to system glitches during a migration.

During a critical system upgrade, customers withdrew $7.7 million, or about N12.9 billion, from October 11 to 31, 2024.

The bank reportedly restricted accounts for customers who overdrew their balances and notified them of the development.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng