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In warnings provided to customers before the Christmas and New Year holidays, banks highlighted that scammers are more frequently using insecure public internet connections found in locations like airports, hotels, shopping centers, and eateries to illegally access banking accounts.

Access Bank, one of the leading financial institutions in Nigeria, informed its clients over the weekend through email communications that the holiday season is a critical time for cybercriminals aiming to collect confidential financial details via hacked systems.

“The holiday season has arrived, and it’s the perfect time to ensure your account remains secure. Please refrain from sharing your PIN, OTP, CVV, or complete card details with anyone, regardless of how appealing the offer may seem. Check transaction notifications through the Accessmore app and steer clear of public Wi-Fi when conducting banking activities,” the bank mentioned.

As per security specialists, open Wi-Fi connections may enable hackers to utilize methods like “man-in-the-middle” attacks, in which scammers capture data exchanged between users and financial websites, possibly obtaining login information or transaction specifics.

The Nigerian banking industry continues to face increasing cases of digital fraud as the use of mobile banking, real-time payments, and card-based transactions grows. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), losses due to fraud in digital payment methods have consistently reached into the tens of billions of naira each year, with notable increases often observed during high-spending times like end-of-year celebrations.

Banks state that the rising complexity of fraudulent activities has made customer vigilance a crucial form of protection, particularly as offenders focus more on exploiting human errors rather than technological vulnerabilities.

Access Bank urged clients to check all transaction notifications using its AccessMore application and to respond quickly if any unusual activity is noticed. “Immediately block your account by calling *901*911# or communicate with us through the LiveChat feature on AccessMore if you believe your account has been hacked,” the statement mentioned.

Other financial institutions are also promoting comparable advice, advising clients to use secure mobile data or reliable private networks when conducting banking activities, and to steer clear of links, offers, or messages that suggest exceptionally high returns or require immediate payments.

Experts point out that although banks have poured significant resources into cybersecurity systems, preventing fraud is still a joint effort between financial organizations and their clients.

The Central Bank of Nigeria (CBN) has consistently emphasized the importance of Fintech innovation, cooperation, and trust in determining Nigeria’s digital financial future, while also highlighting the necessity of adherence to regulations by Fintech companies.

The Governor, Olayemi Cardoso, during a keynote speech at the launch of the Nigeria Fintech Week 2025 in Lagos, which is titled: ‘The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future’, hosted by the Fintech Association of Nigeria (FintechNGR), stated that the Nigerian Fintech environment needs harmony among innovators and regulators, between inclusion and security, and between competition and cooperation. He emphasized that only by achieving this balance can Nigeria create a future that promotes innovation, builds trust, and improves financial access.

With digital payments increasingly taking over retail and commercial activities in Nigeria, banks emphasize that staying alert is crucial to ensuring the holiday season remains a time of joy rather than financial setbacks. Customers are advised by banks to exercise care, perform checks, and show restraint, particularly when using unsecured networks, as these are the best ways to protect themselves from fraud.

Provided by SyndiGate Media Inc.Syndigate.info).