Commerical banks in the country yesterday issued warnings to their customers about the rise in fake bank alerts, a tactic commonly used by fraudsters to deceive individuals and businesses.

According to statements from different banks seen by Daily Sun, these fake alerts often appear as genuine notifications of deposits or transfers, leading recipientto believe they have received money

Victims typically proceed to release goods or services without verifying the payment, only to realize later that the funds were never actually transferred.

This issue has become more prevalent with increasing digital transactions. Banks and regulatory authorities in Nigeria has constantly encouraged the public to remain vigilant and report suspicious activities immediately.

Access Bank, in an email notification to its customers, said, “Dear valued customer, Just received a credit alert? Hold on! Do not rely solely on SMS or email alerts. Always confirm payments into your account through secure channels like Access More, Internet Banking or *901#.

Be cautious of fake alerts- stay one step ahead and verify before completing any transaction. Stay vigilant!”

There have been a shocking escalation in fraudulent activities lately especially in the nine months of 2024, leaving banks and customers vulnerable.

According to the FITC fraud and forgery report for Q3 2024, fraud cases reported by banks jumped by an alarming 65% from 11,532 in Q2 2024 to 19,007 in Q3 2024. The monetary figures are equally disturbing as in Q3 2024, fraudster attempted to steal an eye-watering N115.9 billion-more than double the N56.6 billion recorded in the previous quarter.

This caused the Central Bank of Nigeria (CBN) to raise an alarm, warning Nigerians to beware of falsified SWIFT documents being used to back such allegations.

The apex bank disclosed that it has received a wave of complaints from private entities, individuals, law firms, and government agencies, claiming that foreign funds transferred to their accounts remain uncredited.

Many of these complaints, the bank noted, come with fake SWIFT MT103 forms and acknowledgment copies that cannot be verified on the SWIFT network, indicating that the alleged transfers never took place.