How to Detect Fake Credit/Debit SMS Alert

The effects of a fake bank alert scam can be severe, both financially and emotionally.

In addition to the financial loss, victims may also experience feelings of shame, anger, and fear.
It is important to know these tactics used by scammers to avoid becoming a victim.

You can protect yourself by learning how to spot a fake bank alert and knowing what to do if you suspect you’ve been scammed.

The Cashless Nigeria policy was initiated in 2012 by the Central Bank of Nigeria (CBN) in an effort to reduce the circulation of cash and promote the use of electronic payments.

While the policy has many benefits, fraudsters have taken advantage of its implementation to defraud people.

It is crucial to note the risks and know how to protect yourself from being a victim of this type of fraud.
Today, fraudsters are taking advantage of the growing popularity of online banking by sending fake alerts that appear to be from legitimate banks, to steal money from unsuspecting people.

What Do Fraudsters Need to Send Fake Bank Alerts?

To send a fake bank alert, scammers need two things:
• your phone number and
• your account numbers.

With this information, they use a special SIM card to make an alert that looks like it’s from your bank.
Popular Apps for Fake Bank SMS Alerts

These criminals don’t just send fake bank alerts out of thin air, they use specific apps to facilitate their fraudulent activities.

In Nigeria, some of the most popular apps for sending fake bank alerts include:
• Flash Fund
• Lofty SMS
• Money Prank Pro
• Millionaire Fake Bank Account
• Fake Alert Maker Pro

How to spot fake bank alerts

It is essential to look out for the following red flags like:
• Spelling mistakes: Scam messages may contain spelling and grammatical errors.
• Personal details: Your bank should never ask for your phone number or other sensitive information over SMS.
• Unusual account balance: Check that the balance shown matches the amount you’d expect to see.
• Email source: Confirm that emails appear to be sent from your bank’s official email address.
• App authenticity: Make sure you’re using the official app for your bank.

How to protect yourself from fake debit SMS alerts

Protecting yourself from these scammers require the following steps:
• Never click on links or open attachments in suspicious text messages.
• Do not respond to requests for personal or financial information via SMS.
• Report any suspicious messages to your bank and the Nigerian Communications Commission (NCC).
• Check with your bank if you receive an unexpected SMS alert.

Remember, your bank will never ask you to share personal information over SMS. If you receive any message asking for sensitive information, please contact your bank directly to verify its authenticity.

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