The Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, has warned Nigerians about the risks of sharing their account numbers publicly, particularly during the festive season.
He noted that fraudsters could exploit such information to commit cyber fraud.
This was disclosed by Olofin in an interview on Sunday, according to NAN.
Olofin further emphasized the importance of cybersecurity awareness, cautioning that publicly sharing account details could not only expose individuals to fraud but also risk unwitting involvement in criminal activities, which might lead to legal consequences, including imprisonment.
“My biggest advice is for people to stop sharing their account numbers in public. Some people are in prison because they had no idea what someone used their accounts for,” Olofin said.
He said that fraudsters frequently use publicly shared information, like account numbers, to carry out financial crimes.
He cautioned that innocent individuals might face the consequences of such crimes, including legal and financial liabilities.
Olofin stressed the importance of vigilance, warning that giveaways are often a ploy to collect personal information.
“People don’t love you as much to be giving you giveaways. So, you should know that they are harvesting your details. Your bank account is a private detail,” he stated.
He explained how fraudsters use enticing offers of free gifts and cash rewards to trick victims into sharing their bank details.
He noted that many schemes require victims to make upfront payments, only to end up losing their money and, in some cases, their identities.
Olofin further highlighted that some fraud victims unknowingly become accomplices in crimes such as money laundering when their accounts are used for illegal transactions, leading to serious legal consequences.
“Fraudsters do a lot of things. They structure funds. They know how internal systems work,” he noted.
Olofin revealed Moniepoint’s partnership with organizations like the Nigerian Financial Intelligence Unit and the Economic and Financial Crimes Commission to strengthen fraud detection and enforce robust security measures.
He noted the bank’s proactive approach, including the establishment of a dedicated transaction monitoring and anti-money laundering team equipped with advanced internal rules to detect and prevent fraudulent activities.
“We’ve built up a transaction monitoring and money laundering team that has set rules internally,” he said.
Fraud cases in Nigerian banks have seen a sharp rise, with the Financial Institutions Training Centre reporting a 65% increase, as incidents grew from 11,532 in Q2 2024 to 19,007 in Q3 2024.
The value of attempted fraud also surged significantly, reaching N115.9 billion in Q3, a 105% increase from N56.6 billion in the previous quarter.
However, banks managed to mitigate actual losses effectively, reducing them to N10.1 billion in Q3 2024—a 75.4% drop from the N42.8 billion recorded in Q2.
