ACAMB Warns Bank Customers against Phishing Scams

The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has issued a warning to bank customers about phishing scams, highlighting the growing threat of fraudsters using text messages, cloned websites and fraudulent social media accounts to steal personal banking details. This advisory comes in the wake of a fraudulent text message that was debunked by FactCheckAfrica, which revealed that the link led to a cloned internet banking site designed to capture login credentials, Bank Verification Numbers (BVNs), card information and transaction PINs.

The incident underscores the increasing concern over digital banking fraud as more Nigerians engage in online financial transactions. In June, Wema Bank temporarily halted its activities on X following an influx of over 70 accounts impersonating the bank and its ALAT platform. In August, Zenith Bank Plc disclosed that it was investigating unauthorized access to customer data following a global cyberattack.

ACAMB's President, Jide Sipe, noted that these scams are becoming more sophisticated, as fraudsters increasingly impersonate legitimate banking brands to deceive customers. "When a scam message carries your name, your phone number or your bank's logo, it looks real. That is exactly why customers must slow down," Sipe emphasized.

"No bank in Nigeria will ask you to confirm your PIN, password, OTP or BVN through a link." While banks are enhancing their fraud detection measures and regulatory oversight through the Central Bank of Nigeria’s cybersecurity guidelines, Sipe stressed that heightened customer awareness is equally crucial. He urged customers to remain vigilant, verify requests through official channels, and report any suspicious activity before taking any action.