A spike in fraudulent petitions pertaining to the alleged transfer of money from international banks to Nigerian banks has been reported by the Nigerian Financial Intelligence Unit.
According to the organisation, these fraudulent activities steadily focus on victims and present a continuous risk to government organisations, financial institutions, and law enforcement.
In a study dated June 19, 2024, the NFIU stated that because of the complexity and frequency of these schemes, increased security measures and coordinated responses from all impacted industries are urgently needed to reduce risks and safeguard stakeholders.
It partly read,
It cautioned the public to be wary of telegraphic transfer documents from central European banks because almost all fraudulent claims originate from the same foreign banks and jurisdictions.
It stated,
The intelligence unit specifically addressed the impact of fraudulent petitions on banks. It claimed that false accusations fabricated by material factual misrepresentation could cause the banking public to lose faith in the banks.
The Punch reported that the intelligence unit suggested that the financial institution should immediately conduct Enhanced Due Diligence, sufficient to establish the authenticity or otherwise of the document presented, upon receipt of a letter from a customer anticipating a huge inflow, evidenced by the usual Telex copy.
It specifically addressed the impact of fraudulent petitions on banks. It claimed that the banking public may lose faith in the banks if they have reason to think that they are truly holding funds on their server due to false accusations created by major factual misrepresentations.
The organisation suggested that the financial institution should immediately conduct Enhanced Due Diligence, sufficient to establish the authenticity or otherwise of the document presented, upon receipt of a letter from a customer anticipating a huge inflow, evidenced by the usual Telex copy.
The report added,
The NFIU, however, urged the Nigerian Bar Association to enlighten its members to verify documents received from clients before acting on them.
TimesNow.com.ng reported that Wema Bank has issued a warning regarding a new banking cyber threat targeting android devices.
The bank said the malware is called “Brokewell” and has cautioned customers to remain alert and never download.
Wema Bank explained that the malware is designed to steal sensitive information such as banking details and personal data, is being spread through various means, including phishing emails and malicious websites.
Source: TimesNow.com.ng
