Connect with us

E-Financial

Banks Caution Customers as Frauds Rise

Published

on

Kindly share this post

Emboldened fraudsters are mounting attacks on banks’ customers and the lending institutions have also been alerting their customers to ensure more caution in transactions and continue to utilise the e-payment channels available to them.

Banks Caution Customers as Frauds Rise

First Bank of Nigeria stated that it recorded over 275,000 new sign-ups to alternative channels covering its Firstmobile; the USSD and First-Online platforms when the lockdown started.

In a mail to its customers, it stated, “We observed that scammers are beginning to have sleepless nights over our customers’ accounts.

“They have started sending messages on purported ATM card deactivation, due to difference in date of birth.

“They even go as far as telling you to dial their fraudulent numbers to activate your card.

“As in, they want to defraud you and they still ask you to waste your money on them! Don’t fall for it; it’s a lie!

“Let them know that you are not a zombie, let them know smartness is in your DNA. If you get any suspicious message as such, delete it immediately.

“Rest assured, FirstBank will never ask for your personal details or ask you to call a personal number.

“Also, do not click on any online link asking for your account details such as your BVN, personal information, ATM card number, PIN or OTP.”

Access Bank Plc also urged its customers to be vigilant as incidents of fraud were on the rise.

It stated, ‘Since the start of the coronavirus pandemic in the country which necessitated the lockdown of first, three major cities, and eventually the entire nation, the bank has observed a worrying increase in reports of fraudsters targeting unsuspecting customers.

“This development has become even more worrisome, especially as these people not only disguise themselves as bank representatives, but also use the palliatives from the government as bait to collect customers BVNs and other key banking details.”

Victor Etuokwu, executive director, Retail Banking, Access Bank Plc, said “Access Bank is imploring its customers to be wary of any message, demanding their personal or bank details.

“Customers must remember that the bank will never ask for their BVN, full card PAN, PIN, mobile app activation code, OTP or password as it is readily available to the Bank via its database.

“Any call, email and text message, claiming to be from Access Bank demanding for any of these details is certainly a scam,” he concluded.

In an email to its customers, Fidelity Bank said, “Dear customer, it has come to our attention that scammers are utilising the COVID-19 pandemic as an opportunity to defraud the public by impersonating COVID-19 officials alongside some of the following.”

While mentioning some of the techniques, it added, “Please do not click on any link or respond to any of such messages; delete immediately!

“If or when in doubt, please contact our customer care representatives.”


Kindly share this post

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

Published

on

Kindly share this post

“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.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

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.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

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.”

 

 

 

 


Kindly share this post
Continue Reading

Trending