Increasing scam alert points to need for safe, smart banking

Considering the staggering 27.1 percent rate of unemployment in Nigeria, as at the second quarter of 2020, it means that about 21.7 million Nigerians are unemployed. Of course, the number of the unemployed is rising daily, amid rising inflation rate occasioned by the economic reality of our time.

The ugly trend has led many unemployed people, especially the internet savvy youths, to resort to financial frauds using personal and banking details of the unsuspecting public and feigned bank platforms to perpetrate crime.

Nowadays, it is commonplace to receive unsolicited text messages and emails from disguising sources on issues concerning one’s finances, banking activities and promises of financial support.

No matter how plausible the ideas sound and how beautiful the presentation is, they are always fake and laden with fraud intent at the end of the day. Sadly, some unsuspecting people fall prey to the fraudsters.

However, most financial institutions, especially banks are aware and are cautioning their customers and the general public on safety.

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According to the banks, one way of safeguarding the interest of the banking public beyond their lifetime is by preventing unauthorized access to their accounts, especially in the incident of death of a customer.

To ensure this, family of a deceased customer is expected to send prompt notice to the financial institution to enable the immediate freezing of the deceased customer’s account, pending when the funds will be discharged by administrators, according to stipulated laws.

To ensure security and safety of their money, bank customers are also discouraged from sending cash to bank for deposit through third parties or bank representatives.

Instead of third parties, customers are encouraged to deposit funds into their account by themselves to reduce the risk of fraud by individuals with ulterior motives.

Moreover, unscrupulous people can take advantage, posing as the bank’s representatives.

As well, staying alert on scam and smart will help customers to avoid falling into the hands of fraudsters.

On a very important note, the banking public is expected to always obtain and keep evidence of deposit (TSP receipt) whenever they lodge cash in the bank.

The TSP receipt is the evidence of deposit transactions. More also, before carrying out transaction in the bank, customers should always confirm their deposit details to avoid unsuccessful transaction issues that may come afterwards.

But one safety issue the banking public should not neglect is prompt notification to the bank upon loss, theft of sensitive items or when bank account details are compromised.

Many people act late when email addresses and their sensitive items like ATM card, SIM card of phone that is linked to their bank account are compromised, stolen or lost.

Such cases should not be taken lightly; the bank should be notified immediately in order to prevent fraudsters from taking advantage of the compromised situation to defraud the victims.

Again, once a customer suspects that the ATM card pin number, mobile and/or online banking applications have been compromised, the bank should be prompted immediately.

While the above are useful anti-fraud and safety nuggets, the problem lies with the customers applying them. But the financial institutions are urging the banking public to adhere to them in order to make their work easier, while the adherents gain peace of mind.