Financial institutions in Nigeria have lots of work to do in building people’s confidence. The wavering trust and skepticism in the system have also contributed to a shift in stable digital currencies like USDT.
Aside from reported cases of fraud in the form of unnecessary deduction of money, failed transfers, and others, banks need to constantly educate customers on the need to also wear the security thinking cap to protect their funds.
Even though the Central Bank of Nigeria (CBN) has taken steps to address this issue, such as creating the Nigeria Electronic Fraud Forum and adopting recommendations for the prevention of electronic fraud, fraud events continue to happen.
As a result, the CBN has pushed banks to strengthen their internal controls and security precautions and has instituted sanctions for banks that don’t adhere to rules. The Economic and Financial Crimes Commission (EFCC) was founded by the Nigerian government to look into and prosecute financial crimes, particularly bank fraud.
Importantly, banks have been investing in infrastructure to beef up their securities but customers also have key roles to play. Fraudsters frequently employ social engineering techniques, such as impersonating a reliable person or organization, to persuade people to provide their personal or financial information.
They might ask for your code or password under the pretense of validating your identification or resolving an issue with your account while posing as a representative from a bank, government agency, or even a tech business.
Identity theft, phishing, ATM skimming, and insider fraud are a few of the frequent frauds that take place in Nigerian banks. Both clients and banks may suffer large financial losses as a result of these.
Here are some tips for you to protect your funds
Lock your sim card to prevent unauthorized transactions on your account in case your phone is stolen or lost. Yes, locking your SIM card is a smart idea to avoid fraudulent activity on your account if your phone is stolen or lost.
By deactivating this, you may stop someone else from using your SIM card to send messages, make calls, or access mobile data, which can be expensive and could harm your personal or corporate finances.
Your card and PIN are private. Do not share them with anyone, not even any bank staff. It’s critical to maintain the privacy of your card number and PIN to guarantee the security of your account and card. Avoid writing down or keeping your PIN in your phone or wallet by memorizing it.
Contact your financial institution right away to report the matter and take the appropriate precautions to protect your account if you believe that your card or PIN has been compromised. You better not engage in unofficial transactions with bank staff or agents.
Shield your PIN when using an ATM or POS, and do not accept help from anyone at the ATM. To safeguard your financial information from prospective fraudsters or thieves, use a PIN while using an ATM or point-of-sale (POS) equipment. Criminals can employ several techniques, including shoulder surfing, skimming, or deploying hidden cameras, to get their PIN.
Never reveal your code or password over the phone to anyone who calls and asks for them. Instead, you should ask for more information to be sure the caller is who they say they are and that the request is legitimate before disclosing any personal data.
Before determining whether to provide any critical information, you can ask the caller to identify themselves, their company, and their contact information. You can then independently verify this information.
In conclusion, ensuring security to protect your funds is a collective responsibility. While the CBN and commercial banks continue to tighten up the loopholes, customers should also do the same.
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