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CBN exposes tricks use by fraudsters, advise Access, GTB, UBA, Zenith customers



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.
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.
Vanguard reports that he also asked people to take every necessary step to protect their money from fraudsters.
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.”

Fraudsters tricks exposed

The CBN director also noted various methods scammers employ, and bank customers need 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

CBN said a typical ploy used to lure people is for them to disclose 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, authorisation, and confirmation of the transfer of value out of a current, savings, or stored value account), among others.
CBN provided a breakdown of the types of fraud and how to protect oneself.

Advance fee fraud

In a situation where you pay someone money expecting to receive something of greater value and then receive little or nothing in return,
It may involve the sale of goods or services, offering 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.

Warning signs to avoid falling victim

  • Money for inheritance and last will
  • Fake notices of lottery win
  • Fake online businesses (e.g. hotels, rental properties).
  • Purchase of real estate
  • Conversion of foreign currency
  • Transfer of funds from over-invoiced contracts
  • Sales from products below market prices
  • Romance scams via emails, online dating services, instant messenger on social networking sites (pictures of an attractive person are posted, they establish a relationship, then ask for money),

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 call to make a report.
Reconcile your account monthly and notify your bank if a fraudulent telephone salesperson calls 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 phoone.

Get rich quick scam

The scheme promises high rates of return for a small investment, with little risk, skill, time, or effort, for example, by working from home. The schemes are advertised on websites, in magazines or newspapers, on TV, radio, email (spam), or through phone calls.
Warning signs
  • You are told that you can reach the road to success by following a “secret formula.”
  • You can make large amounts of money in a short time working from home without special skills, little or no experience, and no qualifications (e.g., for Google YouTube).
  • Adverse works can include sending flyers or spam emails, assembling items, selling products/services that are difficult to sell, coaching programs on “making money online.”
  • Pay signing-up fees to get access to training materials, expensive seminars, newsletters, etc.
  • You are pressured to sign up quickly, or they use “special discounts only available for a short time.
  • Catchy titles, images, and “previous users” testimonials are used.
  • When navigating away from the website, pop-up windows offer special discounts and make the user feel special.

How to protect oneself from scam

  • Be careful when the offered pay is too good to be true.
  • Watch out when the company is not well-known; verify the company’s staff, address, and contact number before giving out private details.
  • Only send your CV and contact information when you know the job advert is genuine.
  • Don’t make any advance payments to secure the offered job.
Other fraudster tricks and warning signs, including ways to protect yourself, as listed by the CBN, can be found here.