As instances of Fraud continue to rise, major Nigerian banks are taking active measures to educate and safeguard their customers against falling victim to scams. With an increasing number of individuals being targeted by online fraudsters, various banks including Zenith Bank, Access Bank, GTBank, and others are stepping up their efforts to spread awareness.

A recent report from the Financial Institutions Training Centre (FITC) has highlighted the alarming trend of fraud within the banking sector. Shockingly, fraud losses have already surpassed N9 billion this year alone. The data breaks down the losses, revealing that the first quarter accounted for N5.1 billion, which then surged to N9.5 billion by July 2023.

The cumulative effect of these figures over the years is staggering. Since 2019, the total amount lost to fraud in the banking sector has soared to a staggering N50.5 billion. These numbers emphasize the growing need for individuals to be vigilant and proactive in protecting their personal and financial information.

Several prominent banks have taken the initiative to communicate with their customers directly, urging them to remain cautious and vigilant against potential fraud attacks. For instance, the United Bank of Africa (UBA) has issued a stern warning against fraudulent Twitter pages. They advise customers to ensure a Twitter account's authenticity by checking for a Gold verified tick and a genuine followers' count before responding to any tweets, especially from pages claiming to be affiliated with UBAGroup.

Another major bank, First Bank, has strongly cautioned against sharing sensitive information such as PINs, passwords, and OTPs. They assert that FirstBank will never ask for such confidential details, and any request for such information should be treated as a potential scam.

Zenith Bank has adopted a proactive approach by encouraging customers to update their personal information at their nearest branch or automated teller machines. This action aims to enhance security and prevent the exposure of account and financial information to malicious third parties. Additionally, Zenith Bank has emphasized that it would never initiate communication via phone, SMS, or email requesting for sensitive information like card details, PINs, or token codes.

Guaranty Trust Bank (GTBank) has brought attention to the circulation of scam emails that prompt customers to update their account records through suspicious internet banking websites. These deceptive emails also request sensitive information like ATM personal identification numbers (PIN). GTBank has unequivocally stated that these emails are not from their institution and should be ignored.

Fidelity Bank, in line with other banks, has emphasized the importance of safeguarding PINs and warns customers to be cautious of individuals posing as bank staff. They affirm that Fidelity Bank would never request a customer's PIN, and any such request should be treated as a scam.

Access Bank has provided a comprehensive list of precautions to shield customers from fraudsters. The bank strongly advises against sharing passwords, BVN, or PINs with anyone, even if they claim to be an Access Bank employee. They also caution against clicking on links or downloading attachments from unknown sources and emphasize that unsolicited messages or calls requesting personal or financial details should be reported immediately.

In a separate yet related report, the Nigerian Communications Commission (NCC) has received a staggering 20,000 complaints from individuals who have fallen victim to telecom fraud. Fraudsters often impersonate telecom operators or loan providers to deceive people and extract money from them. The NCC urges Nigerians to exercise caution when dealing with suspicious phone calls, messages, or requests.

In conclusion, the rising trend of fraud within the Nigerian banking sector is a cause for concern. However, the proactive measures taken by prominent banks and institutions to educate and protect their customers are commendable. By remaining vigilant and following the advice provided by these banks, individuals can significantly reduce their vulnerability to fraud and cybercrimes.