As consumer spending accelerates during the peak travel and shopping season, banks are sounding the alarm over a surge in fraud risks targeting digital transactions.

Financial institutions warn that increased card usage, online bookings, and cross-border payments are creating fertile ground for scammers, prompting heightened vigilance across payment channels and customer accounts.

In a message to its customers, Access Bank Plc, urged customers to remain vigilant and warned them against sharing sensitive banking information with anyone offering deals or promotions.

"Never share your OTP, CVV, PIN or card details to claim any offer,” the bank said in a fraud-prevention alert to customers.

The warning highlights a common tactic used by fraudsters: presenting victims with apparently attractive offers before attempting to obtain information that can be used to gain access to their accounts or conduct unauthorized transactions.

“Customers should be particularly cautious when receiving unexpected messages about discounts, promotions or gift cards, the bank said. Offers that require customers to provide one-time passwords, card details or personal identification numbers should be treated as suspicious”, Access Bank said.

The bank also reminded customers of measures available to protect their accounts if they believe their banking information may be at risk.

“Customers can block their accounts from any phone by dialing 901911#, according to the notification. The bank also directed customers to Tamada, its 24-hour virtual banking assistant, which is accessible through the Access More application.

Reach Tamada, customers are instructed to log into Access More, tap “Support” and select “Chat with Tamada”, it said.

The alert comes as consumers become more active across digital channels during periods of increased shopping and travel. The greater volume of online transactions and promotional activity can provide scammers with more opportunities to impersonate financial institutions, retailers or other businesses.

Banks in Nigeria have repeatedly encouraged customers to protect confidential banking credentials and verify suspicious requests through official channels rather than responding directly to unsolicited messages.

One-time passwords, commonly known as OTPs, are used to authenticate certain transactions and account activities. Card verification values, or CVVs, and personal identification numbers are also sensitive information that banks generally advise customers to keep private.

Access Bank’s warning specifically cautions customers against using such information to claim an offer, emphasizing that legitimate promotions should not require customers to disclose confidential banking credentials.

For customers who receive an unexpected notification, the bank advised following its security guidance and avoiding the disclosure of banking information.

The warning reflects the broader challenge facing Nigeria’s rapidly expanding digital payments ecosystem, where convenience and increased electronic transactions have also increased the importance of protecting consumers from financial scams.

For shoppers and travelers, the bank’s message is straightforward: attractive offers should be verified before any banking information is provided, while unexpected requests for OTPs, PINs, CVVs or card details should be treated as potential fraud. (The Sun)

Update news