ACAMB Warns Bank Customers against Phishing Scams

Deborah Ndinorouba

The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has cautioned bank customers against phishing scams, warning that fraudsters are increasingly impersonating financial institutions through fake text messages, cloned websites and fraudulent social media accounts to steal sensitive banking information.

The warning follows a fraudulent text message impersonating several banks, which FactCheckAfrica debunked after finding that the link contained in the message directed users to a cloned internet banking website designed to harvest login credentials, Bank Verification Numbers (BVNs), card details and transaction PINs.

The incident highlights growing concerns over digital banking fraud as more Nigerians rely on online platforms for financial transactions.

In June, Wema Bank suspended its engagements on X following reports of more than 70 fake accounts impersonating the bank and its ALAT platform. Similarly, Zenith Bank Plc disclosed in August that it was investigating unauthorised access to customer data linked to a global cyberattack.

ACAMB President, Jide Sipe, said fraudsters were becoming increasingly sophisticated in their attempts to exploit customers’ trust in established banking brands, making it more difficult to distinguish fraudulent messages from legitimate communications.

“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 acknowledged efforts by banks to strengthen fraud detection and customer protection, alongside regulatory measures introduced by the Central Bank of Nigeria through its mandatory cybersecurity self-assessment guide.

However, he stressed that stronger security systems and regulatory oversight must be matched by greater customer awareness, noting that fraudsters continue to exploit unsuspecting users through deceptive messages and requests for confidential information.

“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.