Banks Warn Nigerians Against Using Public Wi-Fi in Restaurants, Malls, others for Transfers
- Nigerian banks have warned customers against using public Wi-Fi for banking transactions during the festive season
- Fraudsters are exploiting unsecured networks in public places like restaurants, hotels, and malls to access bank accounts
- Banks advise customers to protect sensitive details and verify transactions through official apps, as losses from digital payment fraud run into tens of billions of naira annually
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Banks in Nigeria have warned Nigerians against using public Wi-Fi for transfers and other financial transactions, especially during the festive season, The Sun reported.
The advisories, released ahead of the Christmas and New Year celebrations, caution that cybercriminals are increasingly targeting unsecured internet connections in public places such as airports, hotels, restaurants and shopping malls to gain unauthorised access to bank accounts.
Source: Getty Images
According to alerts received by customers, various banks stated that the end-of-year period typically records a spike in electronic transactions, making it a peak time for fraudsters to exploit weak security habits.
Access Bank, one of the country’s largest lenders, warned customers through email notifications that the festive season remains a prime window for cybercrime.
“The festive season is here, and there is no better time to keep your account safe. Please do not share your PIN, OTP, CVV, or full card number with anyone, no matter how tempting the offer is,” the bank said.
According to the bank, customers can block compromised accounts immediately by dialing *901*911# or contacting customer support through the AccessMore app.
The lender also advised customers to verify transaction alerts through its AccessMore app and to avoid carrying out banking transactions on public Wi-Fi networks.
Other banks have also reinforced similar advice, encouraging customers to use secure mobile data or trusted private networks for financial transactions.
They also warned against clicking on suspicious links, responding to unsolicited messages or engaging with offers that promise unusually high returns or demand urgent payments.
Analysts say that while banks continue to invest heavily in cybersecurity infrastructure, fraud prevention remains a shared responsibility between financial institutions and customers.
How fraudsters exploit public networks
Cybersecurity experts have explained that public Wi-Fi networks are often unsecured, making them vulnerable to attacks such as “man-in-the-middle” schemes.
In such cases, fraudsters can intercept communication between users and banking platforms, potentially stealing login details or transaction information.
Nigeria’s banking industry has continued to battle rising cases of digital fraud as mobile banking, instant payments and card usage expand rapidly across the country.
Industry data from the Nigeria Inter-Bank Settlement System (NIBSS) indicate that losses from digital payment fraud run into tens of billions of naira annually, with noticeable increases during high-spending periods such as the end-of-year festivities.
Banks have noted that many modern fraud schemes rely less on hacking systems directly and more on exploiting customer behaviour, making public awareness a crucial defence.
Source: Getty Images
CBN speaks on digital finance and security
The Central Bank of Nigeria (CBN) has repeatedly emphasised the need for strong collaboration, innovation and trust in shaping the country’s digital financial future.
Speaking at the Nigeria Fintech Week 2025 in Lagos, CBN Governor Olayemi Cardoso said the fintech ecosystem must strike a balance between innovation and security, as well as between competition and collaboration.
According to him, only through such a balance can Nigeria strengthen trust, improve financial inclusion and safely expand digital payments.
As electronic transactions continue to dominate retail and commercial activities, banks say customer vigilance will remain essential to preventing financial losses during the festive season and beyond.
FG moves to end cyber attacks on banks
Legit.ng earlier reported that the federal government launched a new initiative aimed at combatting cybercrime in the banking sector and restoring customer confidence.
The initiative was launched as several Nigerian banks have been hit by multiple cyber attacks, leading to the loss of billions of naira belonging to customers and shareholders.
The government initiated the validation of a National Consumer Trust Framework, and the project was led by the Presidential Committee on Economic and Financial Inclusion (PreCEFI).
Source: Legit.ng
