Banks across Nigeria have issued fresh warnings to customers over the heightened risk of digital fraud associated with the use of public Wi-Fi networks for banking and payment transactions, especially during the festive season when electronic spending typically peaks, Daily Sun reports.
In customer advisories released ahead of the Christmas and New Year celebrations, banks cautioned that cybercriminals are increasingly exploiting unsecured public internet connections in locations such as airports, hotels, shopping malls and restaurants to gain unauthorised access to bank accounts.
Access Bank, one of the country’s largest financial institutions, alerted customers via email that the holiday period presents a prime opportunity for fraudsters seeking to harvest sensitive financial information through compromised networks.
“The festive season is here and there is no better time to keep your account safe. Please do not share your PIN, OTP, CVV or full card number with anyone, no matter how tempting the offer is. Verify transaction alerts via the AccessMore app and avoid using public Wi-Fi for banking transactions,” the bank warned.
Cybersecurity experts note that public Wi-Fi networks are vulnerable to attacks such as “man-in-the-middle” schemes, where fraudsters intercept communications between users and banking platforms, potentially stealing login credentials and transaction details.
Nigeria’s banking industry continues to battle rising digital fraud amid rapid growth in mobile banking, instant payments and card transactions. Data from the Nigeria Inter-Bank Settlement System (NIBSS) indicate that fraud losses across digital payment channels run into tens of billions of naira annually, with notable spikes during peak spending periods like the year-end festivities.
Banks say fraud schemes have become more sophisticated, increasingly exploiting customer carelessness rather than system weaknesses, making awareness a crucial line of defence.
Access Bank advised customers to promptly verify all transaction alerts through its AccessMore app and take immediate action if suspicious activity is detected. “Block your account immediately by dialing 901911# or chat with us via the LiveChat icon on AccessMore if you suspect your account has been compromised,” the bank said.
Other financial institutions have issued similar advisories, urging customers to rely on secure mobile data or trusted private networks for financial transactions, while avoiding suspicious links, unsolicited offers or messages demanding urgent payments.
Analysts maintain that although banks have invested heavily in cybersecurity infrastructure, fraud prevention remains a shared responsibility between financial institutions and their customers.
Meanwhile, the Central Bank of Nigeria (CBN) has continued to emphasise the need for innovation, collaboration and trust within the financial technology ecosystem, while insisting on strict regulatory compliance.
CBN Governor, Olayemi Cardoso, speaking at the opening of the ongoing Nigeria Fintech Week 2025 in Lagos, themed “The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future”, said the sector must balance innovation with security, inclusion with trust, and competition with collaboration to safeguard Nigeria’s digital financial future.
As digital payments increasingly dominate retail and commercial transactions, banks stress that vigilance, verification and restraint, particularly on unsecured networks, remain the most effective safeguards against turning festive cheer into financial loss.
