Banks Step Up Fraud Warnings Amid Peak Season
Nigerian banks are stepping up warnings to customers as a surge in shopping, travel and digital transactions creates a wider playing field for fraudsters and cybercriminals.
With more Nigerians relying on mobile banking, payment cards, e-commerce platforms and social media to shop and make payments, criminals are increasingly turning to phishing links, fake websites, social engineering and other deceptive tactics to steal sensitive financial information.
The growing threat is reflected in a recent Visa study, which found that 88 per cent of Nigerian consumers have used artificial intelligence to assist with shopping, while 83 per cent have purchased goods directly through social-commerce platforms.
The study also revealed that 57 per cent of Nigerians who reported falling victim to scams said the incidents occurred on social media, underscoring the vulnerability of consumers conducting business in increasingly digital marketplaces.
Financial institutions are consequently urging customers to exercise greater caution when paying for goods online, booking flights and hotels, using ATMs or accessing their accounts while travelling.
Customers have been advised never to disclose their passwords, card numbers, PINs or one-time passwords in response to unsolicited calls, text messages, emails or social-media messages. They are also encouraged to verify websites and payment platforms before entering financial details.
The renewed warnings come as fraud continues to impose substantial financial losses on Nigeria’s banking and payments ecosystem.
According to the Central Bank of Nigeria’s Nigeria Payments System Vision 2028, attempted fraud cases across the sector amounted to ₦187.79 billion between 2020 and 2025, while actual losses stood at ₦134.48 billion.
The cases cut across several channels, including mobile and internet banking, ATMs, Point-of-Sale terminals, e-commerce platforms and other electronic payment systems.
The CBN has responded with additional safeguards aimed at reducing unauthorised transactions. From July 1, 2026, newly activated banking applications on new devices are subject to a temporary ₦20,000 transaction limit during the first 24 hours, alongside other measures designed to strengthen fraud detection and transaction monitoring.
Cyber threats are also evolving rapidly. Nigeria’s Computer Emergency Readiness Team has warned of growing incidents involving phishing, ransomware, business email compromise and data breaches, with artificial intelligence increasingly being used to make cyberattacks more sophisticated.
Travellers face another layer of exposure, particularly when connecting to public Wi-Fi networks at airports, hotels, restaurants and other shared spaces. Cybersecurity experts advise against conducting sensitive banking transactions over unsecured networks, which can expose login credentials and other financial information.
As spending and movement increase, customers are being encouraged to activate transaction notifications, regularly review account activity, use strong authentication and immediately alert their banks whenever they detect suspicious transactions.
For consumers, the advice is straightforward: stay alert, verify before paying and keep sensitive banking information private, as fraudsters are increasingly exploiting the convenience and speed of digital transactions.
