“Block Account”: Access Bank, Zenith, Others Advice Customers as Nigerians Lose N51bn to Criminals

• As Christmas approaches, criminals have developed new schemes to catch new victims
• In light of this, banks have also warned customers to be wary of different fraudulent schemes
• The banks have consistently reminded customers on how to protect themselves from falling victim to fraud

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Nigerian banks have taken action to protect their customers from the increasing fraud in the country.

This is on the back of a Leadership report that Nigerian banking customers have lost a whopping N51 billion in savings to fraud as cybercriminals are now targeting Fintech bank customers.

Reports of frauds using various schemes have particularly heightened as Nigerians prepare for Christmas and the new year and fraudsters seek more victims.

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In order not to fall for fraudulent schemes, banks are passing important messages to their customers on the security of their funds.

Bank sends messages

First Bank, Fidelity Bank, Access Bank, and other Nigerian banks have intensified efforts to educate their customers on what to do to prevent fraudulent activities in their accounts.

Their warnings convey messages on how to shield pins from another party and how their accounts can be protected in the case of lost gadgets.

A recent Access Bank message to customers spelt out different ways customers can protect themselves;

• Memorize your pin, do not write it out anywhere, do not tell your pin to anyone.
• Always shield your pin with your body or hands when using an ATM or POS machine.
• Choose a card pin that is hard to guess, and always use a new pin for a new card.
• Dial *901*911# to block your account, or log on to the AccessMore app to block your card if you suspect compromise or loss of your device.
• Visit the closest Access bank branch, call or send an email to the contact centre.

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In a similar message, Zenith Bank sent an important warning for customers to always monitor their accounts. It pointed out the following rules;

• Check your account balance regularly.
• Call us immediately on +234 1 278 7000, if you suspect fraudulent transactions.
• Keep your card in a safe place where no one else has access to it.
• Keep your card in sight at all times to ensure no one copies your card details (to avoid skimming/cloning)
• Never send your Credit Card number by email.
• The Bank will never ask you to update your card details online or via email.
• Report any request to do so immediately to the Bank.

GTBank also advised against giving away important login details or pins. It stated:

"Giving away your Internet Banking login, card details, PIN and codes from your token device, gives anyone total access to your account. Guaranty Trust Bank Limited will never ask for any of these details via any form of communication

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"Keep your ATM cards safe and do not share your personal identity number (PIN) with anyone. Do not keep any written copy of your PIN with your card. Memorize it."

UBA stated:

“We have observed an increase in attempts by fraudsters to deceive customers into divulging confidential information such as passwords, secret questions and answers, etc via fraudulent transaction notification emails.

“Please note that UBA will not request you to provide such confidential information on a website or by clicking a link. If you receive such emails requesting you to click on a link to view a transaction or to update your personal information; kindly ignore the mail.”

“Fraudsters call customers”: PalmPay explains why Nigerian banks lost N6bn to fraud

Legit.ng earlier reported that PalmPay explained why many people fall victim to cyber scams and end up losing their money or valuables.

The Nigerian-based fintech company, in a report, highlighted that failing to report fraudulent transactions early enough allows criminals to move the stolen funds to safe places.

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It stated that only 33% reported the same day or took the necessary right action on the same day of the event.

Source: Legit.ng