CBN Warns Nigerians About Rising Scams, Shares Tips to Avoid Fraud and Report Scammers
The Central Bank of Nigeria (CBN) has issued a fresh warning to Nigerians, urging them to be extra careful with their finances as cases of fraud continue to increase across the country.
In a statement released earlier this week, the CBN said many people are falling victim to fake investment platforms and online scammers posing as legitimate financial services. The bank is now calling on the public to stay alert and report any suspicious activities as soon as they happen.
Scammers Are Getting Smarter
According to the CBN, many fraudsters are now using fake websites, social media accounts, and even cloned versions of bank platforms to trick people into giving away their money or sensitive banking details. These scams usually promise huge returns on investments or offer fake grants, loans, or financial aid.
“Be careful when someone promises you double or triple returns in a few days,” the CBN warned. “If it sounds too good to be true, it probably is.”
A lot of scammers also claim to represent banks or the CBN itself — asking people to share their Bank Verification Number (BVN), ATM PIN, or One-Time Password (OTP). The bank says no real institution will ever ask for that kind of information through WhatsApp, text messages, or phone calls.
How to Stay Safe from Scams
To help Nigerians protect their hard-earned money, the CBN shared some simple but effective safety tips:
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Only deal with verified and licensed financial institutions. Before investing or opening an account, check if the company is registered on the official CBN website.
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Never share your BVN, ATM PIN, or OTP with anyone — not even a bank staff member.
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Be skeptical of unsolicited messages or phone calls asking you to “act now” or send money urgently.
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Avoid clicking on unknown links sent via SMS, email, or social media.
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Educate your family members, especially older relatives and young people, about how scams work.
Report Scams Immediately
If you’ve been targeted or suspect any fraudulent activity, the CBN encourages you to report it right away. You can contact the CBN’s Consumer Protection Department through their website or email. Reports can also be made at your local bank branch.
If large sums of money are involved or if the scam is part of a bigger network, the case should also be reported to the Nigeria Police Force or the Economic and Financial Crimes Commission (EFCC).
“There’s no shame in being a victim — what matters is that you speak up,” the CBN said. “Reporting these scams helps protect others from falling into the same trap.”
Fighting Fraud Together
The CBN says it will continue working closely with banks, fintech companies, and other agencies to raise awareness about fraud. New public education campaigns are also being planned to reach more Nigerians — especially those in rural areas who may not have easy access to digital safety information.
“We all have a role to play,” the bank stated. “By staying informed and spreading the word, we can protect ourselves and each other.”
Digital Banking Is Here to Stay — So Is the Risk
With millions of Nigerians now using mobile banking and digital payment platforms every day, the risk of falling victim to fraud has grown. The CBN says it’s doing everything it can to improve regulation and ensure banks are doing their part to protect customers.
In the meantime, Nigerians are advised to remain cautious, double-check offers, and never rush into financial decisions without verifying the source.
Stay Alert, Stay Smart
Whether you’re saving money, investing, or just doing day-to-day banking, always keep your personal information secure. If something feels off, trust your instincts. Ask questions. Check first.
Fraudsters are getting smarter, but so can we — with knowledge, caution, and timely action.