Protecting your money from fraudsters

Protecting your money from fraudsters

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The appearance of the cashless coverage in Nigeria got here as each a present and a curse. On the plus aspect, one doesn’t have to lug luggage of money round, particularly for interstate transactions—simply get depositors to switch funds to your account, and also you in flip, switch to your enterprise companions.

The coverage has additionally made banks extra progressive by creating varied cost platforms that don’t want bodily money. Every financial institution has a sturdy cellular banking app the place clients can switch funds, subscribe for cable TV, guide flights, purchase airtime, and so on., with out coming into a banking corridor. For these with out sensible telephones, the Unstructured Supplementary Service Information (USSD) possibility is there. Even ATM playing cards have been upgraded to do greater than pay money. What a time to be alive!

READ: Leaked memo: CBN instructs banks to dam checking account of 38 corporations for “foreign exchange abuse”

Nonetheless, with these strides in innovation, come the downsides—robbers have tailored with the occasions by shifting from the freeway and taking their “commerce” on-line. The  varied choices open to clients for processing transactions will also be manipulated by thieves to defraud account holders of their hard-earned funds.

Hopefully, after studying this text, readers can be higher armed to guard their funds from these “on-line robbers.”

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1. Don’t reveal delicate account particulars to unknown callers

As shocking because it appears, many individuals nonetheless fall prey to this trick, regardless of a number of warnings. There have been many cases of individuals admitting that they acquired calls from unknown callers, who declare to be employees of assorted banks. They’re instructed that their accounts require some type of upgradecorrections, and to do that, info like ATM card PINs and PANs, and particulars of messages despatched to the account house owners’ telephones are wanted. The “financial institution employees” then creates cellular banking apps tied to the financial institution accounts of the unsuspecting house owners, and from there, all funds are transferred to a number of unknown recipients.

READ: Banks beware: Small challenger banks are introducing disruptive account setup choices 

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2. Defend card particulars

As already acknowledged, ATM playing cards usually are not simply used for money withdrawals now—they will also be used for funds transfers, payments funds, on-line transactions, and so on. because of this one doesn’t essentially want the bodily presence of their card to course of some transactions. With information of the cardboard Major Account Quantity (PAN), that are the 16 digits displayed on the cardboard’s floor, the Private Identification Quantity (PIN), and Card Verification Worth (CVV) quantity, displayed on the again of the cardboard, funds will be moved from one’s account.

It’s subsequently necessary to guard these particulars, particularly when utilizing the cardboard in public locations like ATM lobbies, and POS machines. Try to be equally cautious to not name out such particulars, if completely vital, inside earshot of individuals.

READ: Ministry of Labour points engagement letters to 6 banks to open accounts for 774,000 SPW beneficiaries

3. At all times maintain your telephone secure

Think about mourning the lack of your telephone, then having the added heartache of dropping the funds in your checking account(s).

The worth of a telephone goes past its worth, today. It comprises personal valued info of its proprietor, amongst that are checking account particulars; it additionally comprises the SIM by means of which transaction alerts are acquired. The SIM makes it doable to course of USSD transactions.

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There have been cases the place telephones got to repairmen, just for the house owners to grasp later that funds had been transferred from their accounts by way of USSD to unknown beneficiaries. Even family have been identified to secretly steal funds from accounts, simply by dealing with the proprietor’s telephones.

At all times maintain your telephone locked, and know the place it’s always.

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4. Take note of transaction alerts

It is extremely straightforward to imagine that each one is effectively with one’s account, and never trouble with checking transaction alerts. In any case, it’s what you withdrew that will need to have left the account, proper? Mistaken!

As defined above, funds might have left your account with out your authorisation. So take note of your transaction alerts, particularly the balances, and shortly examine any transaction that was not initiated along with your permission—the sooner the higher, for fast decision along with your financial institution.

Additionally observe that the absence of alerts regardless of transactions may be a purple flag, because the SIM might have been swapped, giving fraudsters a free hand to run your account.

READ: Tips on how to purchase and promote Bitcoins in Nigeria

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5. Know the united states code for immediate account deactivation

Think about the horror of receiving alerts exhibiting that your account is being constantly debited as you helplessly watch it occur, particularly throughout over weekend when banks are closed.

This doesn’t have to occur. Proper from the primary debit, it’s best to be capable to take motion and deactivate your account to stop additional debits. Because of this you will need to know the emergency code of every financial institution the place your funds are saved. For instance, with Zenith Financial institution, any telephone can be utilized to enter USSD code *966*911#, present your account quantity, and the quantity used to obtain alerts, and the account will get immediately deactivated. After this, you may take your time to research the stolen cash, as an alternative of frantically operating round to cease additional debits.


READ: Senate investigates Nigerian banks over ATM, SMS, and upkeep fees

It is usually necessary to know the varied methods to succeed in your financial institution throughout emergencies—get their buyer care strains from their web sites, and if they’ve chatbots, have interaction them; additionally know their e mail addresses. Getting your account officer’s quantity too is beneficial.


Apparently, with the flexibility to hold out transactions from the consolation of your properties, comes the accountability of safeguarding your cash (to an extent). The following pointers ought to make it simpler to take action.

Nonetheless, in a case the place the cash has already been stolen, contact your financial institution as quickly as doable for investigation and doable restoration.

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