Fake Bank Alerts, Cloned Websites: ACAMB Raises Alarm Over Rising Phishing Attacks

Bank customers have been warned to strengthen their online security practices as cybercriminals intensify efforts to steal financial information through fake banking messages, fraudulent websites and social media impersonation accounts.

The warning was issued by the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB), following the discovery of a fraudulent text message falsely representing several Nigerian banks.

FactCheckAfrica, which investigated the message, found that its embedded link directed unsuspecting customers to a cloned internet banking website created to obtain their login details, BVNs, card information and transaction PINs.

The development underscores the growing exposure of Nigerian bank customers to sophisticated digital fraud schemes.

Recent incidents have also highlighted the scale of the impersonation problem confronting financial institutions.

In June, Wema Bank suspended its activities on X, formerly Twitter, amid reports that more than 70 fraudulent accounts were impersonating the bank and its ALAT platform.

Zenith Bank Plc also announced in August that it was investigating unauthorised access to customer information reportedly connected to a global cyberattack.

Reacting to the development, ACAMB President, Jide Sipe, said cybercriminals were becoming increasingly sophisticated in their attempts to exploit public trust in established financial institutions.

According to him, fraudsters now use familiar banking identities and customers’ personal details to make fraudulent messages appear legitimate.

“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. No bank in Nigeria will ask you to confirm your PIN, password, OTP or BVN through a link,” Sipe said.

He noted that Nigerian banks had continued to strengthen their fraud monitoring systems and customer protection mechanisms, while regulatory authorities had introduced additional safeguards, including the Central Bank of Nigeria’s mandatory cybersecurity self-assessment guide.

Nevertheless, Sipe maintained that banks’ security investments would be insufficient without active participation from customers in identifying and reporting suspicious activities.

“Banks can strengthen their security systems, but fraudsters continue to find ways to exploit unsuspecting customers. We must all remain vigilant. Always pause, verify requests through official channels and report anything suspicious before taking action,” he added.

ACAMB outlines safety measures for bank customers

As part of efforts to prevent customers from falling victim to phishing attacks, Sipe urged Nigerians to exercise caution when receiving unsolicited messages requesting account verification or security updates.

He advised customers not to open suspicious links asking them to verify, reactivate or secure their bank accounts, warning that such links could lead to fraudulent platforms designed to steal financial credentials.

He further warned customers against sharing sensitive information, including personal identification numbers, passwords, one-time passwords, card verification values and Bank Verification Numbers, in response to suspicious messages or requests.

Instead, customers were advised to confirm the authenticity of banking communications by contacting their financial institutions through official mobile applications, verified social media pages or published customer service telephone numbers.

ACAMB’s warning reinforces the importance of customer vigilance as digital banking continues to expand and cybercriminals adopt increasingly sophisticated methods to target financial consumers.

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