ACAMB Lists 6 Steps Nigerians Must Take to Avoid Banking Fraud in 2026

• The Association of Corporate Communication and Marketing Professionals in Banks warned Nigerians about rising phishing scams targeting bank customers.
• Fraudsters use fake bank alerts, cloned websites and impersonation accounts to steal customers' BVNs, PINs and card details.
• ACAMB President Jide Sipe said no Nigerian bank would ever ask customers to confirm sensitive details through a link.

The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has urged Nigerians to take specific steps to protect their bank accounts from phishing scams and other forms of digital fraud.

The association said criminals were growing bolder and more creative, impersonating well-known banking brands through fake text messages, cloned websites and fraudulent social media accounts to steal customers' sensitive financial information.

The warning followed a fraudulent text message that FactCheckAfrica investigated and found redirected users to a cloned internet banking website designed to collect login credentials, Bank Verification Numbers (BVNs), card details and transaction PINs.

ACAMB President, Jide Sipe, said scammers were crafting messages sophisticated enough to deceive even careful customers and called on Nigerians to pause before acting on any unsolicited banking request, Vanguard reports.

Sipe said:

"When a scam message carries your name, your phone number or your bank's logo, it looks real. That is exactly why customers must slow down. No bank in Nigeria will ask you to confirm your PIN, password, OTP or BVN through a link."

Steps to avoid banking fraud

ACAMB outlined six precautions for Nigerians using digital banking services:

1. Do not click links in unsolicited messages asking you to verify, reactivate or secure your bank account.
2. Never disclose your PIN, password, one-time password (OTP), card verification value (CVV) or BVN in response to any suspicious request.
3. Always confirm requests with your bank through its official mobile app, verified social media accounts or published customer service numbers.
4. Stay alert to fake bank alerts, cloned websites and accounts pretending to represent financial institutions.
5. Contact your bank immediately if you receive a suspicious message or notice unusual activity on your account.
6. If you have already entered your banking details on a suspicious site, call your bank immediately to secure your account and block any affected cards.

Banks strengthen cybersecurity measures

Sipe acknowledged that Nigerian banks had been working to improve fraud detection alongside regulatory measures from the Central Bank of Nigeria (CBN), but said those efforts alone were not enough without active customer vigilance.

Punch reports that the statement comes against a backdrop of recent security incidents. In June, Wema Bank suspended its activity on X after reports of more than 70 fake accounts impersonating the bank and its ALAT platform.

In August, Zenith Bank disclosed that it was investigating unauthorised access to customer data linked to a global cyberattack.

Hackers steal $6.3bn, Binance shares details

Earlier, Legit.ng reported that Cryptocurrency exchange Binance has disclosed a major security breach in which hackers reportedly stole about $6.3bn in digital assets, in what could rank as the largest theft of its kind in history.

The exchange, the world's biggest by assets under management, announced on Thursday, October 29, that it had suspended deposits and withdrawals while working to contain the damage.

Binance said about $3bn of the stolen funds had already been frozen and that it would cover all remaining losses.