Tips to keep your money safe from holiday scams
Protecting your money during the festive season is more important than ever, as fraudsters become increasingly active. Experts like Godwin Oyedokun and Fiyinfolu Okedare stress the importance of vigilance and customer education. Financial institutions and the Central Bank of Nigeria have issued warnings and practical advice to help customers avoid scams. Staying alert and following security guidelines can help prevent financial losses.
TLDR
- Tolu Benjamin lost money after her card was cloned during a public holiday, highlighting the risks of festive season fraud.
- The Nigeria Inter-Bank Settlement System reported that financial institutions lost N52.26bn to fraud in 2024, with fraud attempts reaching N86.4bn.
- Godwin Oyedokun emphasized that fraud is deliberate and that prevention is better than detection.
- The Central Bank of Nigeria launched a USSD code (*959#) for customers to verify licensed financial institutions and avoid scams.
- Banks advise customers to never share sensitive information, install apps only from official stores, and report suspicious activity immediately.
