Cyber fraud: Stop Sharing Account Numbers Online, Moniepoint MD Warns

The Managing Director of Moniepoint Microfinance Bank, Mr. Babatunde Olofin, has cautioned Nigerians against sharing their account numbers publicly, especially during the festive season, to avoid falling victim to cyber fraud.
Babatunde revealed this in an interview with the News Agency of Nigeria (NAN) on Sunday.
Fraud cases in Nigerian banks have surged significantly, with a 65% increase reported by the Financial Institutions Training Centre (FITC). The number of fraud incidents rose from 11,532 in Q2 2024 to 19,007 in Q3 2024.
He emphasized the importance of cyber security awareness, warning that such actions could lead to unwitting involvement in criminal activities and imprisonment.
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 said.
He explained that fraudsters often exploit public information to commit financial crimes, with unsuspecting individuals bearing the consequences.
Babatunde emphasized the need for vigilance, noting that giveaways are often a guise 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 stated.
Babatunde disclosed Moniepoint’s collaboration with organizations such as the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) to enhance fraud detection and implement sophisticated security controls.
Highlighting Moniepoint’s preventive measures, he noted that the bank has built a transaction monitoring and anti-money laundering team with advanced internal rules to detect and prevent fraud.

source: nairametrics.com

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