Wema Bank suspends Telegram operations over fake accounts, impersonation

The financial institution stated that its efforts to suspend its operations aim at protecting the interests of its customers, noting that its ALAT platform is not available on Telegram.

Wema Bank Plc has suspended its operations on Telegram following a surge in scams involving fake accounts impersonating the bank and defrauding customers.

The bank disclosed this in an email to customers on Monday, urging them not to engage with any Telegram accounts impersonating Wema Bank.

This is coming amid Wema Bank’s effort to contain the increasing number of accounts impersonating the bank on social media in recent times.

On 7 June, Wema Bank temporarily blocked communication on its account X, citing the need to protect customers from fraudulent activities and account impersonation.

The lender urged customers to halt interactions with its ‘Wema’ and ‘Alat’ accounts on the platform until further notice.

On Monday, Wema Bank said its routine security checks revealed a spike in the rate of accounts impersonating the bank and trying to defraud its customers on Telegram.

The financial institution stated that its efforts to suspend its operations aim at protecting the interests of its customers, noting that its ALAT platform is not available on Telegram.

ALAT is the lender’s digital banking platform.

“Our routine checks and security sweeps have shown a spike in the rate of customers falling victim to scam accounts and fraudsters using fake Telegram accounts.

“As part of our ongoing efforts to proactively protect your interests, we want to remind you that Wema Bank and ALAT are NOT on Telegram,” the bank stated.

The move emphasises the growing cybersecurity threats facing Nigeria’s banking sector and other institutions in Nigeria.

Responding to the threat, the Central Bank of Nigeria (CBN) in March gave banks a three-week deadline to complete a mandatory cybersecurity self-assessment as part of efforts to strengthen the resilience of the country’s financial system.

CBN said the exercise is designed to improve risk-based supervision and strengthen regulatory oversight of cybersecurity risks across Nigeria’s financial ecosystem.

“We are not on Telegram. Please do not contact us on Telegram or engage with any Telegram account claiming to represent Wema Bank or ALAT. Please do not attempt to contact us on Telegram,” Wema Bank said, urging customers to contact the bank only through its verified Instagram account, official email address, and customer service phone lines.