First Bank, UBA, other Banks Warn Customers to Be Vigilant Against Scams
- Nigerian banks have warned customers to stay vigilant during the festive season as fraudsters exploit holiday activities to steal personal banking information
- The warnings highlight scams involving fake mobile apps, phishing calls, deceptive messages, and social engineering tactics
- FirstBank, Stanbic IBTC, Union Bank, and UBA have all advised customers to protect OTPs, PINs, passwords, and verify messages through official channels
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian banks have warned their customers to remain alert to fraudulent activities targeting personal banking information. The warnings were issued through emails and posts on social media, advising heightened caution during the Yuletide period.
According to PhishMe Cofense, scams increase during holidays due to the numerous activities marking the end of the year.
Source: Getty Images
Fraudsters often impersonate trusted companies or contacts to steal personal information, credentials, or money, using emails or messages that encourage victims to click links, provide sensitive data, or download malware, Punch reports.
FirstBank issues holiday fraud alert
In an email to its customers, FirstBank highlighted emerging fraud trends affecting mobile apps, mobile wallets, and USSD banking channels.
“Fraudsters use social engineering and fake apps to steal your banking codes while claiming to offer assistance,” the bank said.
It advised customers to:
- Never share OTPs, PINs, or account details, even with someone claiming to assist.
- Install apps only from official stores such as Google Play Store or Apple App Store.
- Avoid apps that request access to SMS or notifications without clear justification.
- Keep phones secure with strong passwords or biometric locks and update devices regularly.
- Report suspicious activity immediately via FirstContactComplaints@firstbankgroup.com.
Other banks give same warning
Stanbic IBTC Bank, via social media, reminded customers that scammers become more active during holidays. The bank urged clients to avoid sending funds in exchange for services or sharing OTPs, passwords, or PINs.
Source: UGC
Union Bank also cautioned customers:
“Don’t let fraudsters steal your Christmas joy! Stay vigilant, verify before taking action, and keep your money safe. Union Bank will NEVER ask for your OTP, PIN, NIN, BVN, or ATM card details. Always verify messages via official channels and avoid unknown links.”
United Bank for Africa (UBA) emphasized that fraudsters operate even during festive periods.
“This the season for joy, not regrets. Stay sharp, stay protected, and always verify before engaging. Help us fight fraud by reporting suspicious activities immediately to our Fraud Help Desk.”
Fraudsters steal N10 billion from Nigerian bank
Earlier, Legit.ng reported that the Federal High Court in Abuja has extended the freezing of 818 bank accounts by an additional 30 days.
The accounts are suspected to hold funds linked to an alleged N10 billion cyberattack on Hope Payment Service Bank.
The court issued the extension to assist the bank in recovering money reportedly transferred into these accounts during a cyber heist.
According to the motion marked FHC/ABJ/CS/1358/2024, filed against James Akagwu Isaac, Akwubo Gosent, and others, including several banks, the IGP’s legal team said that the accounts via which the defendants were alleged to have received the crime proceeds were under investigation, hence the freeze.
Source: Legit.ng
