Banks have warned their customers to be wary of fraudulent activities during the seasonal festivities.
The warning was contained in emails and content on their social media pages, which advised customers to pay extra attention during the Yuletide.
According to PhishMe Cofense, scams become rife during holidays due to the plethora of activities marking the end of the year. The methods of scams can involve criminals posing as trusted companies or contacts to steal personal information, credentials, or money via emails or messages that encourage victims to click links, provide sensitive data, or download malware.
Warning bank customers against falling for the tricks of the fraudsters, FirstBank, in an email to its customers, said it has observed new fraud trends. “We have observed new fraud trends targeting mobile apps, mobile wallets and USSD banking channels. Fraudsters use social engineering and fake apps to steal your banking codes while claiming to offer you some kind of assistance,” said the lender.
Advising its customers to stay safe, the bank said, “Never share your OTP, PIN or account details, not even with someone claiming to help you. Install apps only from official stores (Google Play Store, Apple App Store).
Avoid apps that ask to read your SMS or notifications without a clear, reasonable and justifiable reason (for example, visa/immigration assistance, school application, giveaways, etc.).
“Keep your phone secure: Use a strong password or biometric lock. Update your phone regularly. Do not share your device with strangers. Report suspicious activity immediately to FirstContactComplaints@firstbankgroup.com.”
Stanbic IBTC Bank, in a social media post, warned its customers to “Stay cyber-safe this festive season. Scammers become more active during the holidays. Stay alert and protect your account. Please note that we will never ask you to send funds in exchange for any service or request your One Time Password, password, or PIN. Do not click on any link in any email, text, or social media message from an unknown or suspicious source. It is safer to always confirm the authenticity of any message.”
Union Bank stated, “Don’t let fraudsters steal your Christmas joy! Stay vigilant, verify before you take action and keep your money safe this festive season. Remember, Union Bank will NEVER ask for your OTP, PIN, NIN, BVN, ATM card details or any personal information. Don’t trust messages that look too good to be true. Verify messages via our official channels, never click on unknown links or share sensitive banking details, and use only official channels.”
United Bank for Africa warned its customers that fraudsters don’t take a holiday. “Tis the season for joy – not regrets. Stay sharp, stay protected and always verify before you engage. Keep your account safe this season by staying alert to scammers.” Seeking collaboration with its customers, the bank said, “Help us fight fraud. Report any suspicious activities immediately by calling our Fraud Help Desk.”
Meanwhile, INTERPOL last Friday said that law enforcement in 19 countries have arrested 574 suspects and recovered approximately $3m in a significant cybercrime operation across Africa. The operation, tagged Operation Sentinel, was carried out between 27 October and 27 November and focused on three prevalent crime types: business email compromise, digital extortion and ransomware, all identified as growing threats in INTERPOL’s 2025 Africa Cyber Threat Assessment Report.
During the INTERPOL-coordinated initiative, over 6,000 malicious links were taken down and six distinct ransomware variants were decrypted. The cases investigated during the month-long operation were linked to estimated financial losses exceeding $21m.
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