“Stop Sharing Account Numbers Publicly” – Here’s Why?
Moniepoint MD – “Stop Sharing Account Numbers Publicly” Moniepoint MD Urges Nigerians To Avoid Sharing Account Numbers Publicly, Emphasizing Cybersecurity Awareness Amid Rising Fraud Cases.
As cyber fraud cases surge across Nigeria, the Managing Director of Moniepoint Microfinance Bank, Mr. Babatunde Olofin, has sounded an alarm on the dangers of publicly sharing bank account details. Speaking with the News Agency of Nigeria (NAN), Olofin stressed that such practices expose individuals to financial crimes and legal risks, particularly during the festive season when scammers are most active. Olofin emphasized that sharing bank account numbers publicly could lead to unintended consequences
He said: “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.”
Strong Financial System How Scammers Operate Fraudsters often exploit individuals by using enticing tactics, such as giveaways or too-good-to-be-true offers, to harvest sensitive details. Olofin pointed out: “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.” According to Olofin, cybercriminals often use unsuspecting individuals’ accounts for illegal activities, which could have dire legal consequences. Victims risk being implicated in money laundering or other serious crimes simply because their accounts were used without their knowledge.
He noted: “Fraudsters Do A Lot Of Things. They Structure Funds. They Know How Internal Systems Work.” Share Tweet In response to the growing threat of cyber fraud, Moniepoint has implemented robust security measures to protect its users. Olofin revealed that the bank works closely with organizations such as the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) to monitor transactions and prevent illicit activities.
Moniepoint has established a dedicated transaction monitoring and anti-money laundering team, which uses advanced internal controls to detect fraudulent activities.
Olofin stated: “We’ve Built Up A Transaction Monitoring And Money Laundering Team That Has Set Rules Internally.” Share Tweet Fraud Statistics In Nigeria Recent data from the Financial Institutions Training Centre (FITC) indicates a sharp rise in cyber fraud cases in Nigerian banks, with a 65% increase in reported incidents from 11,532 in Q2 2024 to 19,007 in Q3 2024. The total amount involved in these fraud attempts surged to N115.9 billion, marking a 105% increase from the previous quarter.
Despite this alarming trend, banks managed to mitigate losses, with actual losses dropping by 75.4% to N10.1 billion in Q3 2024 from N42.8 billion in Q2. He advised individuals to avoid sharing bank account details publicly, exercise caution with unsolicited offers, and verify the authenticity of financial interactions.