In today’s tech-driven world, advanced technology has brought immense convenience and connectivity, but it has also given rise to a persistent threat: cybercrime. With the increasing adoption of e-payment platforms and the Internet’s ubiquity, Nigerian banks are witnessing a surge in e-fraud and cyber-attacks, jeopardising the security of innocent individuals.
While much attention has been focused on sophisticated online methods employed by fraudsters, it is essential to recognise that certain vulnerable groups, such as elderly and less tech-savvy individuals, are falling victim to simple, yet effective scams. From imposters posing as bank staff, to phone theft, these unassuming tactics continue to exploit unsuspecting individuals.
To combat these issues, it is crucial for customers to remain vigilant and take proactive measures. Deactivating abandoned phone numbers linked to accounts is one such step, which can be done by visiting the nearest bank branch or removing the outdated phone numbers themselves.
According to a recent report by FITC, a leading financial institution in Nigeria, bank customers lost a staggering N2.72 billion to fraud in the first and second quarters of 2022 alone. The report further revealed that during this period, a total of 67,878 fraud cases were recorded, indicating the magnitude of the problem.
FITC, backed by its institutional members such as the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria, has been at the forefront of addressing this issue. The industry fraud report highlights that 35.5 per cent of fraudulent cases occurred on the web channel, while transactions conducted over phones accounted for a loss of N410 million (11.7 per cent).
These alarming figures are further substantiated by the fifth annual edition of the 2022 Consumer Digital Banking Satisfaction Index report, conducted by Pan-African credit rating agency, Agusto & Co. The report shockingly reveals that a significant 59 per cent of Nigerians have fallen victim to e-banking fraud in recent years.
As cybercrime continues to pose a significant threat to innocent individuals, it is imperative for banks, regulators, and customers to work together in implementing robust security measures, raising awareness, and ensuring the safety of all users. The battle against cybercrime requires constant vigilance and a collaborative effort to protect the integrity of the banking system and maintain the trust of customers.
In a shocking incident of ATM card fraud, a 62-year-old retiree identified as Adams Saad fell prey to a notorious syndicate that specializes in switching ATM cards and Personal Identification Numbers (PINs) to illegally withdraw funds from unsuspecting victims’ bank accounts.
Saad, who resides in Apo, became a victim of this fraudulent act while attempting to withdraw money from a commercial bank’s ATM located in Central Business District, Abuja.
Recounting the ordeal, Saad expressed his distress, saying, “They switched my ATM card, and they used the card and PIN to withdraw the total sum of N598,000 from my account.”
The retiree believed that this criminal syndicate, which masquerades as helpful individuals, has been actively engaging in ATM card swapping and fraud within the nation’s capital.
While this incident has raised concerns among bank customers, particularly the elderly and those with limited knowledge of using ATMs, authorities have urged individuals to exercise caution and seek assistance from bank staff when conducting transactions at ATM machines.
As investigations into the case continue, he said his case serves as a stark reminder that individuals must remain vigilant and adopt necessary precautions while conducting financial transactions to safeguard their hard-earned money.
Unlike Saad, a businesswoman, Mrs. Martha Abdullahi with dreams and aspirations, recently fell victim to the fraudulent tactics of internet scammers, commonly known as “Yahoo boys.” Her encounter serves as a stark reminder of the dangers lurking in the digital realm.
As the sun cast its warm glow on a tranquil afternoon, Mrs. Abdullahi’s world was suddenly shattered.
She said it began innocently enough when she received a seemingly harmless code on her mobile device.
“Little did I know that this message would set off a chain of events that would leave me devastated,” she said.
Speaking further, she said, “Within moments of receiving the code, my phone rang. The caller claimed to be a representative from her bank, alerting her to a security breach,” she said.
Filled with concern, Mrs Abdullahi said she trusted the voice on the other end of the line, unaware that it was a meticulously orchestrated scheme aimed at defrauding her of her hard-earned money.
Caught off guard and blinded by trust, Mrs. Abdullahi said she disclosed sensitive information to the fraudsters.
“Within minutes, my life savings of 450,000 Naira were wiped clean from my account, leaving me in a state of utter shock and despair.
“I am in pain; I don’t know how to start again,” Mrs. Abdullahi expressed with a heavy heart.
She said the loss of her entire savings has left her feeling vulnerable, robbed not only of her financial stability but also of her sense of security.
“The emotional toll is immeasurable, and the road to recovery seems daunting,” she said.
However, Mrs. Abdullahi refused to be silenced by her traumatic experience. She has bravely stepped forward, determined to shed light on the prevalence of cybercrime and the devastating consequences it inflicts on innocent individuals.
She said her story should serve as a clarion call for greater awareness, urging individuals to be vigilant and cautious when navigating the digital landscape.
Mrs Abdullahi said she has reported the incident to the appropriate authorities and the bank, hoping that her case will not only bring her personal closure but also contribute to the fight against cybercrime.
“By sharing my story, I hope to empower others to take proactive measures to protect themselves from falling victim to similar scams.
“As society grapples with the relentless proliferation of cybercrime, it is imperative that we come together to combat this modern-day menace,” she added.
While Mrs. Abdullahi’s voice serves as a rallying cry, demanding that authorities, financial institutions, and individuals alike take decisive action to safeguard against the deceptive tactics employed by fraudsters, Samuel Ugobo, a 37-year-old private security operative harrowing experience serves as a stark reminder of the dangers lurking within even the most seemingly safe environments.
Ugobo while sharing his chilling encounter said his world was abruptly turned upside down when hoodlums armed with guns forcibly snatched his phone, leaving him shaken and vulnerable in Kubwa.
Little did Ugobo know that the nightmare had only just begun. Later that evening, he received a debit transaction alert via email, signaling the draining of his hard-earned money. Frustrated attempts to reach his bank’s customer care service using his wife’s phone proved futile, adding to the sense of helplessness.
Ugobo, still reeling from the traumatic events, pondered how the criminals managed to obtain his PIN and unlock his phone. To his dismay, he said the culprits withdrew the entire balance from his account using a point-of-sale (POS) machine.
He said the loss amounted to a staggering N42,000—a significant blow to his financial stability.
He explained that the consequences of the robbery rippled through Ugobo’s life, affecting not only him but also his family.
Struggling to make ends meet, he said they relied on support from friends and relatives for an entire month until his next paycheck arrived.
He further explained that the financial hardship endured during this period highlighted the far-reaching impact of such incidents on individuals and their loved ones.
“The memories of how I was robbed on this bridge can’t be easily forgotten,” Ugobo lamented, his voice filled with a mixture of frustration and fear.
Ugobo said his story sheds light on the vulnerabilities faced by residents of Kubwa and serves as a call to action.
He highlighted the urgent need for enhanced security measures in public spaces to safeguard individuals from such attacks.
Ugobo also stressed the importance of robust customer support systems within financial institutions to address issues promptly and prevent further financial losses.
He said the authorities must prioritise the safety of its citizens and strengthening surveillance, increasing police presence, and implementing measures to educate and raise awareness about personal security are crucial steps towards ensuring a safer environment for all.