Kayode Egbetokun, inspector-general of Police (IGP), has declared Nigeria’s banking industry a strategic national asset, ordering an immediate intelligence-led crackdown on cybercriminal networks, insider facilitators, and transnational financial crime syndicates threatening the stability of the financial system.

Kayode Egbetokun, inspector-general of Police (IGP),

Speaking at a strategic meeting with the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank Chief Executive Officers in Lagos, where he said the Nigeria Police Force was shifting from reactive policing to proactive dismantling of organised criminal structures targeting banks.

According to him, the financial sector remains central to national stability.

He said: “The Nigerian banking industry is not merely a driver of economic activity; it is a core component of our national stability architecture. The integrity, continuity, and resilience of the financial system are directly linked to public confidence, investor perception, and the credibility of Nigeria’s economic governance.”

In a major policy shift, Egbetokun announced that regular police officers would no longer be deployed for routine cash-in-transit escorts or non-essential VIP protective duties within the private sector.

He explained that the decision aligned with national policy direction and manpower optimisation within the Force, adding that the traditional model of conventional police deployment for banking sector protection was being reviewed and progressively restructured.

“This policy adjustment is not designed to diminish the security framework supporting the banking industry. Rather, it reflects a deliberate transition towards a more sustainable, professional, and institutionally governed model of security support,” he said.

Egbetokun warned that conventional risks such as armed robbery and cash-in-transit vulnerabilities, though still present, have been overtaken by more complex and technologically sophisticated threats.

“These threats are adaptive, technologically sophisticated, and often coordinated across borders. They include cyber-enabled fraud, identity compromise, insider facilitation, organised financial crime, and illicit financial flows,” he told the bankers.

The IGP stressed that disruptions to banking operations now carry international reputational consequences, citing global compliance standards set by the Financial Action Task Force FATF and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations.

He said: “In an era shaped by FATF standards, AML/CFT obligations, and heightened scrutiny of financial flows, the strength of a nation’s enforcement and security architecture is now directly relevant to investor confidence and market stability.”

The police noted that: “The speed and sophistication of cyber-enabled fraud illustrate the urgency of integration. Delayed reporting windows can render enforcement ineffective, while rapid escalation, evidence preservation, and coordinated response can significantly improve disruption, recovery, and prosecution outcomes.

“Modern financial crime operates at a pace that requires equally modern security coordination.”

Egbetokun disclosed that the Force had already intensified covert operations targeting kidnapping syndicates, illegal arms networks, and organised criminal enterprises whose activities threaten commercial stability.

He added that the Police were strengthening coordination with the Economic and Financial Crimes Commission (EFCC),  the Nigeria Financial Intelligence Unit (NFIU), and the Central Bank of Nigeria (CBN) to ensure that criminal enterprises do not exploit gaps between enforcement, compliance, and oversight.

The IGP told the bankers that sustainable security cannot be achieved through episodic contact or fragmented interventions, calling for structured cooperation between law enforcement and financial institutions.

“Security is not merely the absence of crime; it is the presence of stability that enables productivity, investment, and growth. A secure banking environment supports savings mobilisation, credit expansion, financial inclusion, and the confidence of both domestic and international investors.

“When citizens trust financial institutions, participation in the formal economy increases. When investors perceive a stable internal security environment supported by credible enforcement, Nigeria becomes more bankable, more investable, and more competitive.

“The outcome of this meeting should not be limited to dialogue. It should produce structured liaison mechanisms between law enforcement and the banking sector, clear operational protocols for high-risk areas, joint capacity building, and lawful information-sharing.

“The Nigeria Police Force stands ready to work with the banking sector not merely as an enforcement institution, but as a strategic partner in safeguarding the integrity, stability, and international credibility of Nigeria’s financial architecture,” he said.

Earlier in his remarks, Oliver Alawuba, chairman of the Body of Bank Chief Executive Officers,  who acknowledged the Police boss for measures put in place to tackle insecurity in the country, highlighted the banking industry’s past support.

He said: “The Bankers’ Committee was responsible for the renovation of over 42 police stations that were destroyed during the EndSARS protests. We stepped in when police infrastructure was in ruins. Today, we expect that same urgency when our own infrastructure is under digital siege.”

Professor Pius Olarenwaju, president,  CIBN, on his part, painted a grim picture of an industry under silent assault, warning that the velocity of cyberattacks now outstrips the response capacity of traditional law enforcement.

“The banking sector plays a pivotal role in Nigeria’s economic development, and our critical functions can only flourish in a secure and stable environment. But we are fighting a war where the enemy no longer carries guns , they carry laptops and exploit system vulnerabilities in milliseconds,” he told the IGP.

Olarenwaju further stressed that the rapid digital transformation of financial services has created a security paradox.

“As we deepen financial inclusion and expand digital channels, we also expand the attack surface for cybercriminals. The same technology that empowers the unbanked also empowers fraudsters operating from jurisdictions where Nigerian law enforcement has no reach. This is the new reality, and we need the police to evolve with it,” he said.

Present at the occasion were Managing Directors and Chief Executive Officers of banks such as Union Bank, Signature Bank, Parallex Bank, Standard Chartered Bank, Keystone Bank, Coronation Merchant Bank, Guaranty Trust Bank, United Bank for Africa, among others.

Nigerian Communications Commission (NCC) has directed telecom operators in the country to notify affected customers of any data breach within 48 hours ( that is two day) of detecting such unauthorised infringement.

This directive was  contained in the revised Internet Code of Practice 2026 by the NCC, on Friday.

The document seeks to define the rights and obligations of telecom operators in handing the rights of internet users to an open internet.

In the move to protect customer information, Mobile Network Operators (MNOs) and Internet Service Providers (ISPs) are to take necessary measures to protect customers’ data from unauthorised use, disclosure, access or breach.

Telecom operators must now notify affected customers within 48 hours of detecting a compromise through text message, email or any other effective means. As contained in Chapter 3.4 of the regulation titled “Data Breach Notifications,”

The telecoms companies are also directed to notify the NCC of such a breach not later than 48 hours after determining such a breach.

“Where full details of the breach are not immediately available, the provider shall issue a preliminary notification within the same period and furnish a comprehensive update within Fourteen (14) days thereafter, or within such extended period as the Commission may approve,” part of the section reads.

The guidelines, according to NCC, are in tandem with the provisions contained in the Nigerian Data Protection Act 2023 and Part VI of Schedule 1 of the Consumer Code of Practice Regulations 2024.

The regulation also joins other agencies’ policies, ensuring protection. Agencies such as the Nigeria Data Protection Commission (NDPC) and the Federal Competition and Consumer Protection Commission (FCCPC) protect consumers against misuse of personal data, identity theft, financial loss, and reputation damage.

The review comes at a time when privacy becomes core amid frequent breaches and illegal harvest of data such as biometric, national IDs, financial information, traffic and usage, and others.

Regulations are necessary for the proper handling, consent, and regulatory compliance regarding sensitive data, ensuring it is only processed for legitimate purposes.

Under Chapter 3.5, the Internet Code of Practice 2026 addressed the handling of harvesting of transactional data by notifying and getting approval from the NCC of any usage by a third party. It noted that the NCC approval will be defined by a review and assessment of such access and “its potential effects on national considerations, consumer information and personal data.”

Looking for a gift for your soulmate on February 14th and think that a gift card would be a nice option? Just remember that when digital trends rapidly rise in popularity with customers, they are also gaining traction with scammers looking to use them as bait.

With Saint Valentine’s Day approaching, Kaspersky has identified several phishing and malicious campaigns targeting gift card owners and those who’re looking for a digital present for their loved ones. To help stay safe, the security experts at Kaspersky have also shared practical advice on how not to be tricked.

A “check‑your‑balance” that drains your gift card

Kaspersky’s latest global survey* shows that 80% of respondents consider giving digital presents such as subscriptions, gaming credits or gift cards. Scammers are actively exploiting this trend capitalising on well-known brands, creating fake online stores and even crafting fake verification portals designed specifically to steal gift card value.

Kaspersky’s phishing detection identified deceptive platforms offering victims a “secure” system to check their gift cards validity, status or balance. Targeting those who recently received a gift card, phishers steal the card’s identification data and get an opportunity to activate the certificate before the user themselves.

To stay protected from such scams, Kaspersky recommends double‑checking that a website is real. Look carefully at the web address, any links you’re asked to click, and spot any odd pictures or designs that might hint the site is fake.

The safest way to confirm a gift card’s balance is to go straight to the brand’s official website – don’t follow any other links. To prevent clicking on a malicious link, use a security solution such as Kaspersky Premium with a strong AI-powered anti-phishing component.

Is it a gift card for you or for cybercriminals?

As gift shoppers flood online marketplaces with flash sales and limited-time deals, cybercriminals are watching closely, ready to strike when users are most vulnerable.

Kaspersky experts detected a fake website that mimics Amazon, one of the most famous marketplaces, offering $200 gift card. With this tempting offer, scammers encourage customers to press a “Get your Amazon gift card” button.  However, when the user clicks it, they get an MSI installer with a backdoor that cybercriminals use to remotely control the victim’s device.

This fraudulent scheme highlights the importance of complex cybersecurity protection, showing that clicking on a wrong link may result in not only money and data loss, but also device infection or loss of control over it. When a fake site copies the original store’s look exactly, it’s hard to tell which one is real and which is a scam.

Kaspersky Premium protects users from fraudulent online stores through advanced detection technology that analyses website characteristics and URLs to identify suspicious patterns.

For its excellent performance in AV-Comparatives Fake Shops Detection certification in 2025 Kaspersky Premium was awarded an “Approved” certificate, making it the right choice for confident online shopping.

“As Valentine’s Day approaches, cybercriminals may increase their efforts to exploit the emotional vulnerability and romantic spirit that define this holiday. They’re creating fake gift card websites, spoofing popular retailers, and launching phishing campaigns that prey on your desire to make your loved ones happy.

The best defence is to stick to well-known retailers, check URLs carefully, apply a security solution with advanced phishing detection and remember that if a deal seems too good to be true, it probably is,” comments Anton Yatsenko, Lead Web Content Analyst at Kaspersky.