7 Simple Steps To Detect Fake Bank Alerts

The introduction of cashless policies is a wonderful thing, but it has been used by scammers to swindle consumers and steal their money. It has recently gotten worse, given the ongoing implementation of the Naira redesign strategy.

Nigerians now have restricted access to cash. Mobile transfers have only been utilized as a last option. In the previous two weeks, the amount of transactions through this channel has been tremendous.

The emergence of bogus credit warnings is a problem with mobile money transfers using USSD codes or banking apps. There is also the issue of not receiving credit alerts as a result of network faults.


Cashless Nigeria is a program implemented by the Central Bank of Nigeria in 2012 to reduce excesses in cash handling in the Nigerian federation.

It imposed cash handling fees on daily withdrawals of more than N500,000 for individuals and N3,000,000 for corporations (N3,000,000.00).

False transfer alerts, which can be transmitted via text messages, emails, and mobile banking apps, are unfortunately frequent in Nigeria.

Scammers utilize fake notifications to fool victims into thinking they’ve received a payment, then demand that products or services be supplied before the payment clears.

As a result, the victim may lose their goods or services without receiving payment.

However, here are the common ways to spot a fake money transfer:

Examine the sender’s email or phone number. Scammers frequently use fake email addresses or phone numbers that look exactly like legitimate ones, so double-check the sender’s information.

Check for spelling and grammar errors. Genuine banks and financial institutions typically have stringent quality control procedures in place, and their communications are unlikely to contain obvious errors.

Check with the sender to confirm the transaction. If you receive a money transfer alert from someone you know, call or message them to confirm that the transfer was initiated by them.

Don’t click on any links or download any attachments. Scammers may include malicious links or attachments in their fake alerts that can install malware on your device or steal your personal information.

Check your account balance. If you receive a money transfer alert but your account balance doesn’t reflect the transfer, it’s likely a fake.

Be cautious with urgent requests. Scammers may try to put you under pressure to act immediately, but legitimate money transfers typically take a few business days to process.

Use reliable sources. If you have any doubts about the legitimacy of a money transfer alert, contact your bank or financial institution directly using a phone number or email address from their official website.