Babatunde Olofin, the Managing Director of Moniepoint Microfinance Bank, has cautioned Nigerians against sharing their bank account numbers on public platforms. Highlighting the rising incidents of cyber fraud, he stressed the need for enhanced cybersecurity awareness, particularly during the yuletide season.
Sharing account details publicly, often seen on Nigerian social media, can expose individuals to fraud and legal troubles. According to Olofin, cybercriminals exploit public information to commit financial crimes, leaving victims unknowingly implicated in activities like money laundering.
“Some people are in prison because they had no idea what someone used their accounts for,” Olofin remarked, urging people to protect their bank account details as private information. He also warned against offers of free cash or gifts, which are commonly used to lure unsuspecting victims.
Olofin revealed that fraudsters leverage their understanding of banking systems to hijack accounts for illicit transactions, leaving victims to bear the legal consequences. He emphasized that vigilance is key, as fraudsters often use tactics such as upfront payment schemes to deceive individuals.
To combat financial fraud, Moniepoint has partnered with organizations like the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC). The bank has also implemented advanced transaction monitoring and anti-money laundering protocols to detect and prevent fraudulent activities.
“We’ve built up a transaction monitoring and money laundering team that has set rules internally,” Olofin stated, reaffirming Moniepoint’s commitment to tackling cyber fraud.
Fraud Surge in Nigerian Banks
According to a report obtained by 9am News Nigeria from the Financial Institutions Training Centre (FITC), fraud cases in Nigerian banks surged by 65% in 2024. The number of reported fraud incidents increased from 11,532 in Q2 to 19,007 in Q3, with cumulative losses of approximately N53.5 billion in the first nine months of 2024.
These statistics underscore the persistent threat of financial crimes and the urgent need for individuals and institutions to strengthen cybersecurity measures. Avoiding the public sharing of account numbers is a critical step in safeguarding financial security.
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