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Losses, Worries as Hackers Defraud Nigerians with Fake Banks’ Alerts

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Fake bank alerts scam is the most dangerous scheme yet and the banking industry has only a short time to get ahead of it.

 

If technology continues its current advance, this scam may wipe the gains of the cashless policy, when most business owners may insist on cash only sales.

 

Fake bank alerts scam is not entirely new but it is growing in scope and leaving in its losses in its wake.

 

Apart from Nigerians who lose hard earned money, Deposit Money Banks (DMBs) in the country are also waxing worriedly from increasing reports of fraudsters using fake bank SMS notifications to dupe their (banks’) customers.

 

According to sources, while most bank customers sign up for SMS notifications as these help account holders track movement in their accounts, fraudsters pose as potential buyers of goods or services provided by the bank customer and after both parties have agreed on a price, send fake SMS’s indicating they have deposited money into the sellers’ account.

 

The criminals usually count on their target, believing the SMS is real and would not bother to confirm with his/her bank before releasing the goods.

 

Only recently, there was a story of Michael Thompson Williams a 28-year old medical doctor, who bought a Porsche Car worth N28 million with fake bank alert.

 

Also in Sapele, Delta state, a young man entered a shop and bought a Hisense 32″ LED TV with fake alert.

 

Cases of the fraud are replete and bankers said they are concerned about the development and were mulling measures to address it.

Also, the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) said they soon introduce a scheme that will enable banks and telecommunications companies to ban owners of any bank account or the mobile phone line traced to fraud.

 

The CBN and NCC are reportedly working with the Nigeria Deposit Insurance Corporation (NDIC), following the spate of electronic fraud involving Unstructured Supplementary Service Data (USSD) telephone lines and internet banking transfers.

 

But some experts claimed that the most significant risks to banks are self-serving or criminal acts carried out by some insiders.

 

According to them, when these insiders use their technical knowledge to alter or disable security controls, it can be even more difficult to detect abuse.

 

Beyond that Iyke Obiako, an engineer and a security expert said that banks must change the format of their SMS notifications in such a way that these alerts will contain security features that will be impossible for fraudsters to copy.

 

For accounts’ owners, the first security and guard against being scammed is to contact their account officers or someone in the bank to confirm the transaction.

 

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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