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How To Secure Bank Accounts, Funds From Fraudsters



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Banking services have in recent years, become more efficient with the aid of technological advancement and with artificial intelligence (AI) gaining more ground every day, accessing one’s bank account is increasingly becoming easier.


However, with the advancement comes the risk of fraud as fraudsters have continued to expand the various channels through which they can steal the funds of unsuspecting bank customers. They have continued to engage in diverse methods to defraud unsuspecting bank customers.

Warning Messages From Banks

To ensure that their customers do not become prey to fraudsters, banks have severally sent out messages and advertorials educating their customers on ways through which the fraudsters operate. Customers are advised on the best way to protect themselves and their funds.

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One of the key messages sent by banks asides ensuring that they do not disclose sensitive information to third parties, is prompt notification to the bank upon loss or theft of sensitive items such as ATM card, SIM Card of phone that is linked to one’s bank account and compromise of bank account details.

Sensitive account details can be compromised when customers respond to fraudulent calls or phishing emails and text messages. It can also be compromised when it is revealed to third parties such as family members, neighbours, colleagues and friends.

Notify Your Bank Of Theft, Compromise

The bank should also be notified when customers are suspicious of fraudulent activities on their account. Incidents such as receiving one time password (OTP) when no such request has been made or debit alerts when the customer has not made any transactions should be promptly reported.

Also, asides notifying the bank upon loss of bank account token, phone number or sim card that is linked to one’s bank account, customers should immediately call their bank when email address that is linked to their bank account is compromised.

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The bank should be immediately notified upon the suspicion that the customers’ bank account vis-à-vis ATM card pin number, mobile and/or online banking applications and other electronic channels have been compromised.

Steer Clear Of Scam Emails, SMS

Many bank customers over time, have been consistently bombarded with scam emails purportedly from their banks and some have fallen for the tricks of the fraudsters, thereby losing their funds in the process. The scam emails seek to harvest sensitive information that would compromise the account details of the customers and make their funds accessible to fraudsters.

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This type of scam is referred to as phishing. Cybercriminals design emails to look like they came from a legitimate bank, government agency, or organisation. In these emails, the sender asks recipients to click on a link that takes them to a page where they will confirm personal data, account information and other sensitive data.


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