The Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, has urged Nigerians to avoid sharing their account numbers publicly, especially during the festive season. In an interview with the News Agency of Nigeria (NAN), he warned that doing so could expose individuals to cyber fraud and even unwitting involvement in criminal activities.
“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 cautioned. He explained that fraudsters often exploit public information to commit financial crimes, leaving unsuspecting victims to bear the consequences, including legal troubles.
Olofin also pointed out the dangers of giveaways, often used as a tactic to harvest personal details. “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 said. Fraudsters frequently use enticing offers of cash rewards or free gifts to lure victims into sharing sensitive information, sometimes demanding upfront payments that lead to financial losses.
According to Olofin, many victims have unknowingly participated in crimes like money laundering because their accounts were misused for illicit transactions. This can result in imprisonment or legal complications. “Fraudsters do a lot of things. They structure funds. They know how internal systems work,” he noted.
He revealed that Moniepoint is actively working to combat financial crimes through partnerships with organizations like the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC). Moniepoint has implemented advanced security measures, including a dedicated transaction monitoring and anti-money laundering team, to detect and prevent fraud. “We’ve built up a transaction monitoring and money laundering team that has set rules internally,” Olofin said.
The urgency of Olofin’s warnings is underscored by the sharp rise in fraud cases within Nigerian banks. The Financial Institutions Training Centre (FITC) reported a 65% increase in fraud incidents, rising from 11,532 in Q2 2024 to 19,007 in Q3. The total amount involved in fraud attempts doubled to N115.9 billion in Q3, although actual losses dropped significantly to N10.1 billion compared to N42.8 billion in the previous quarter.
Despite efforts to minimize losses, Nigerian banks have collectively lost over N53 billion to fraud in the first nine months of 2024. This shows the growing threat of financial crimes and the need for increased vigilance among individuals and institutions alike.
