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NEWS: CBN Exposes Tricks Use by Fraudsters, Advise Access, GTB, UBA Customers To Protect Bank Accounts

Amid rising fraud cases, the Central Bank of Nigeria has asked bank customers to educate themselves and their children on the activities of fraudsters and scammers, The apex bank believes this will help customers to protect their money from such criminals....CONTINUE READING

In a message at the 2024 Global Money Week (GMW) celebration recently held in Abuja, Philip Ikeazor, the deputy governor in charge of Financial System Stability (FSS) said that children should be educated on how criminals dupe unsuspecting members of the public of their hard-earned money

He also asked people should take every necessary step to protect their money from fraudsters, Vanguard reports.

His words:

“The theme for this year’s edition is ‘Protect your Money, Secure your Future’, and it captures the importance of learning, from an early age, to always think about your future when making financial decisions and plan accordingly.

“It emphasizes the importance of not only making money, but understanding frauds and scams, saving, and investing for your future.

“Equipped with such skills at this young age will enable you achieve financial independence and a financially secure future.”

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Fraudsters tricks exposed

The CBN director also noted that revealed that there various methods employed by scammers and it is important for bank customers to know them.

He said:

“It is vital to know the types of frauds and scams, how to respond to scammers, and various ways to protect your money online and offline.

“This also implies knowing how to report to a bank if you do have an encounter with scammers or fraudsters. In essence, the financial decisions you make today and the education you acquire today have a huge impact on your future.

“Therefore, when you learn these skills at a young age and with consistent practice, you will have a brighter future. So, be smart about your money while you are still young; save, budget and become educated.”

Some of the tricks employed by fraudsters

A typical ploy used was to lure people into disclosing their Personal Identification Numbers (PINs), Bank Verification Numbers (BVNs), and other bankable instruments such as credit and debit card credentials, Mobile Wallet accounts (the use of the mobile phone for the initiation, authorization, and confirmation of the transfer of value out of a current, savings, or stored value account), among others.
Warning signs

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You pay money to someone in expectation of receiving something of greater value and then receive little or nothing in return. It may involve the sale of goods or services, offering of investments, loans, contracts, or lottery winnings. heritages or many other ‘opportunities’.

The schemes rely on convincing you to respond to the invitation and send money to the trickster (in several instalments of increasing amounts) for a variety of reasons.

You end up with a loss, and the tricksters might use your personal information to impersonate you
How to protect oneself from scam

Do not believe the promise of large sums of money for your cooperation; guard your account information carefully. Never give out your banking details or other sensitive information (account number, debit card, credit card, insurance number). Your bank will never ask you for these details unless you are calling to make a report.

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Reconcile your bank account monthly and notify your bank if a fraudulent telephone salesperson is calling you. Just say “No, thank you” and hang up the phone. Don’t buy from an unfamiliar company without getting the salesperson’s name, business identity, telephone number, and address before transacting business. Verify all information given. Don’t pay in advance for services; pay for services only after delivery.

Be suspicious of companies that want to send a messenger to your home to pick up cash, claiming it is part of their service to you. Always take your time when making a decision. Never respond to an offer you don’t understand thoroughly, and never send money or give out personal information over the phone

NCC warns Nigerians, exposes fraudsters’ tricks

Meanwhile, in another report, the NCC has received 20,000 complaints from Nigerians who have fallen victim to telecom fraud.

The commission reveals that many fraudsters pose as telecom operators or loan sharks to deceive people and extract money from them.

NCC wants Nigerians to be cautious when dealing with suspicious phone calls, messages, or requests.