ACAMB Raises Cybersecurity Concerns, Cautions Bank Customers Against Phishing Attacks
LAGOS, November 9, 2026
The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has called for heightened vigilance among Nigerian bank customers following a growing pattern of cyber fraud involving fraudulent banking messages, cloned websites and online impersonation.
The association warned that cybercriminals are increasingly exploiting the popularity of digital banking to deceive unsuspecting customers into surrendering confidential information, potentially exposing their accounts to unauthorised access and financial losses.
The warning comes after FactCheckAfrica exposed a fraudulent message circulated in the name of a Nigerian bank, revealing that the accompanying link redirected recipients to a counterfeit internet banking platform designed to collect sensitive customer details, including login credentials, Bank Verification Numbers (BVNs), card information and transaction PINs.
The development raises concerns about the security of Nigeria’s rapidly expanding digital financial services industry, where mobile banking, electronic payments and online transactions have become essential to business and personal financial activities.
ACAMB President, Jide Sipe, observed that online fraudsters were increasingly adopting sophisticated methods to replicate the identity and communication styles of established financial institutions. This, he noted, makes it increasingly difficult for unsuspecting customers to recognise fraudulent messages.
He explained that criminals often exploit familiar banking logos, customers’ personal details and other recognisable information to create a false impression of authenticity.
Sipe reiterated that customers must never surrender confidential security information, including personal identification numbers (PINs), passwords and one-time passwords (OTPs), through unsolicited messages or suspicious online links.
Recent incidents involving the impersonation of financial institutions highlight the growing challenges facing the banking industry in protecting its digital identity and customer information.
In June 2026, Wema Bank temporarily suspended its activities on X, formerly Twitter, following reports of more than 70 fraudulent accounts posing as the bank and its ALAT digital banking platform.
In another development, Zenith Bank Plc announced in August that it was investigating unauthorised access to customer data associated with a global cyberattack.
Such incidents demonstrate how cybercriminals can exploit the reputation of established banking brands to mislead customers, compromise confidential information and undermine confidence in electronic financial services.
ACAMB maintained that although financial institutions continue to strengthen their technological defences and fraud prevention mechanisms, customer awareness remains an important component of an effective cybersecurity strategy.
Sipe encouraged bank customers to exercise caution whenever they receive unexpected requests involving their accounts, particularly messages directing them to update personal information, restore account access or confirm banking details.
He advised consumers to avoid accessing links in unsolicited communications, especially those requesting account verification or the disclosure of confidential information.
Customers were also urged to protect their PINs, passwords, OTPs, card verification values (CVVs) and BVNs from unauthorised disclosure.
According to the association’s guidance, customers should verify banking-related communications through their institutions’ official mobile applications, authenticated social media platforms and recognised customer service channels.
Individuals who may have entered their details on suspicious websites were advised to contact their banks without delay to secure their accounts, restrict potentially compromised transactions and block affected payment cards where necessary.
The increasing incidence of phishing and other cyber-enabled financial crimes presents challenges beyond the immediate financial losses suffered by individual customers. It also threatens public confidence in digital banking and the wider financial services ecosystem.
As Nigerian banks expand their digital products and electronic payment infrastructure, the protection of customer information will remain essential to sustaining trust, supporting financial inclusion and encouraging the adoption of technology-driven banking services.
For financial institutions, the challenge extends to maintaining robust cybersecurity infrastructure, strengthening transaction monitoring, improving incident response and consistently educating customers on emerging fraud techniques.
These measures are particularly important in an increasingly competitive financial services market where customer confidence and institutional reputation are critical to business sustainability.
ACAMB reaffirmed its commitment to working with member banks, regulatory authorities and the media to promote financial literacy, strengthen public awareness of cyber threats and encourage responsible use of digital banking platforms.
The association urged Nigerians to remain alert, independently authenticate unfamiliar banking communications and report suspected fraud through appropriate channels, stressing that protecting digital financial services requires sustained cooperation between banks and their customers.
Edited by Rosemary Aiyenale
Source: Vanguard Newspaper
