Fri. Mar 1st, 2024

The Central bank of Nigeria’s cashless economy is set to see more Nigerians open a bank account.

This implies that Nigerians would have to rely heavily on electronic means for transactions. While this will be good news, the cashless drive will further increase the number of electronic banking frauds.
In a report by Agusto&Co titled 2022 Consumer Digital Banking Satisfaction Index’ it was revealed that approximately 59 percent of survey respondents have been fraud victims on the digital platforms of their respective banks.
Also, The Nigerian Communications Commission (NCC)also confirmed that the Central Bank of Nigeria (CBN) had identified e-fraud as the greatest threat to digital finance. NCC further noted the CBN noted that fraud has affected electronic payment solutions such as Automated Teller Machines (ATMs), Nigeria Inter-Bank Settlement System (NIBBS) instant payment and mobile banking.
In the words of the commission in Abuja, Director, Consumer Affairs Bureau, Efosa Idehen: “Attackers are now targeting telecoms networks to disrupt service delivery and infiltrate their data bank in addition to SIM swaps, Unstructured Supplementary Service Data (USSD) and e-payment fraud.”

Quick USSD code to block bank account after losing a phone or ATM card
Access: *901*911# Zenith: *966*911#
GTB: *737*51*74# WEMA: *945*911# FirstBank: *894*911# Keystone: *7111*911# UBA: *919*911#
FCMB: *329*911# Sterling Bank: *822*911# Stanbic bank: *909*29# Fidelity bank: *770*911# EcoBank *326*911#
This code can be used to block a bank account on another phone as a third party.

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