Fake alerts: Banks to intensify measures against fraudsters

Following widespread reports of cases involving customers being defrauded through fake bank alerts scam, Deposit Money Banks (DMBs) in the country are stepping up measures to check the activities of fraudsters who perpetrate this swindle, findings by New Telegraph have revealed. Industry sources told this newspaper that lenders have been getting increasing reports of fraudsters using fake bank SMS notifications to dupe their (banks’) customers. According to sources, while most bank customers sign up for SMS notifications as these help account holders track movement in their accounts, fraudsters pose as…

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Bankers fret as BVN execution fails to deter fraudsters

Lack of national identity database hinders project There is growing concern in the banking industry that over two years of implementation of the Bank Verification Number (BVN) project, fraudsters seem not have been discouraged from their nefarious activities. Industry sources told New Telegraph that their biggest worry stems from the discovery that many of the accounts that have been used by fraudsters to siphon money from victims have BVNs and that despite this, the perpetrators and their accomplices are rarely apprehended by law enforcement agencies. Conceived by the Central Bank…

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