Fake Bank Alerts: How Nigerians Can Detect and Avoid Payment Scams in 2026
The growing use of digital payments in Nigeria has made transactions faster and more convenient, but it has also created new opportunities for fraudsters to target bank customers, traders and Point of Sale (PoS) operators.
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One of the most persistent schemes is the fake bank alert scam, where fraudsters create messages or payment notifications that appear to show that money has been transferred into a victim’s account.
The scam is particularly dangerous for small businesses and PoS operators because fraudsters can use fake payment confirmations to collect goods or services without actually transferring any money.
Recent data show that electronic payment fraud remains a major concern despite improvements in Nigeria’s financial system.
Source: UGC
According to the Nigeria Inter-Bank Settlement System (NIBSS), banks and other financial institutions lost N25.85 billion to digital payment fraud in 2025, down 51 per cent from N52.26 billion recorded in 2024. The number of reported cases also fell from 70,111 in 2024 to about 67,518 in 2025.
NIBSS, however, said social engineering remained the most common fraud technique, with threats including insider abuse, SIM-swap fraud, account compromise and phishing continuing to evolve.
This means Nigerians, particularly merchants who receive frequent transfers, must remain cautious even as the overall value of electronic fraud declines.
How fake bank alerts work
Fake bank alerts typically involve fraudsters attempting to convince a merchant that a payment has been made when no money has actually entered the recipient's account.
In some cases, criminals use applications designed to generate fabricated transaction notifications. These apps can create messages containing details such as the supposed sender's name, account number, transaction amount, reference number and date.
Fraudsters may also show victims a fake transaction receipt, screenshot or payment-success page designed to look like the interface of a legitimate financial institution.
The scammer may then insist that the transfer has been completed and pressure the merchant to release goods or provide a service.
For PoS operators, traders and other businesses, the danger is particularly significant because the victim may only discover the fraud after the customer has left with the goods.
Another increasingly important warning is that criminals do not always need to create a completely fake message. They may use social engineering to manipulate victims into trusting a payment notification, impersonate bank officials or persuade them to disclose sensitive information.
The Central Bank of Nigeria (CBN) warns that phishing and social engineering scams can involve fraudsters pretending to be legitimate organisations or trusted individuals to obtain confidential information.
The biggest warning sign: Your account has not been credited
The most reliable way to identify a fake payment is to check the actual account receiving the money.
A text message, screenshot, email, WhatsApp notification or receipt displayed by a customer should not be treated as proof that a transaction has been completed.
Merchants should log into their banking application or use another trusted channel to confirm that the money has actually been credited.
If the expected amount is not reflected in the available balance or transaction history, the safest decision is to withhold the goods or service until the payment is confirmed.
This is especially important when a customer claims that a transfer is delayed because of network problems, bank maintenance, weekends or other reasons.
A genuine transfer may sometimes take time to reflect, but merchants should not release valuable goods based solely on a customer's explanation or a screenshot.
Seven ways to detect and prevent fake bank alerts
1. Check your account yourself
Never rely solely on an SMS notification.
Open your official banking app, check your account balance, and review the transaction history before confirming receipt of the payment.
For merchants, the simple rule should be: No credit in your account, no release of goods.
2. Do not trust screenshots or payment receipts
Fraudsters can manipulate screenshots and create convincing-looking transaction receipts.
A receipt displayed on the customer's phone does not prove that the money has reached your account.
Always verify the transaction independently through your own banking channel.
3. Be careful with links and messages
Fraudsters may send links pretending to be from a bank or payment company.
The CBN advises consumers not to click suspicious links and to verify the identity of anyone requesting sensitive financial information.
Do not provide your PIN, password, one-time password (OTP), card details or other confidential information in response to an unsolicited message.
Source: UGC
4. Do not release goods under pressure
A common tactic used by scammers is creating urgency.
A fraudster may claim that they are in a hurry, that the transfer has already been completed or that the bank's system is responsible for the delay.
Merchants should not allow pressure to override their normal verification process.
If the money has not appeared in the account, wait.
5. Confirm suspicious transactions independently
If a payment appears unusual, contact the bank through its official customer-service channels.
Do not use a phone number or link supplied by the suspected scammer.
The CBN advises customers to contact their financial institution immediately if their banking information has been compromised or they suspect fraud.
6. Protect your banking information
Never disclose your PIN, password, OTP or other security credentials to another person.
Fraudsters may begin with a seemingly harmless conversation about a failed transfer before attempting to obtain information that can give them access to an account.
The CBN also advises customers to use strong passwords, monitor their accounts and activate two-factor authentication where available.
7. Report suspected fraud immediately
Anyone who suspects that they have been targeted should contact their bank immediately and report the incident.
The CBN says customers have a duty to promptly report suspected fraud or errors involving their accounts or transactions.
The apex bank's current fraud guidance also recommends contacting the financial institution immediately, securing compromised accounts and reporting suspected fraud to relevant authorities.
NCC warns against "Wangiri" missed call scam
In related news, Legit.ng reported that the Nigerian Communications Commission (NCC) issued a cautionary alert to the public regarding the rampant "Wangiri" phone scams.
This development follows the Commission's earlier public notice that it had received complaints from over 20,000 Nigerians who have fallen victim to telecom fraud.
In this type of scam, perpetrators make brief calls to individuals, promptly disconnecting and expecting the recipient to initiate a return call.
Source: Legit.ng
