Banks across the country have raised fresh warnings to customers over the rising risk of digital fraud linked to the use of public Wi-Fi networks for banking and payment transactions, particularly during the festive season when electronic spending typically surges.

In customer advisories issued ahead of Christmas and New Year celebrations, banks cautioned that fraudsters are increasingly exploiting unsecured public internet networks in places such as airports, hotels, shopping malls and restaurants to gain unauthorised access to bank accounts.

Access Bank, one of Nigeria’s largest banks, over the weekend, via emails, alerted customers that the holiday period remains a prime window for cybercriminals seeking to harvest sensitive financial information through compromised networks.

“The festive season is here and there is no better time to keep your account safe. Please do not share your PIN, OTP, CVV, or full card number with anyone no matter how tempting the offer is. Verify transaction alerts via the Accessmore app and avoid using public Wi-fi for banking transactions”, the bank stated.

According to cybersecurity experts, public Wi-Fi networks can allow attackers to deploy techniques such as “man-in-the-middle” attacks, where fraudsters intercept communications between users and banking platforms, potentially stealing login credentials or transaction details.

Nigeria’s banking sector has continued to grapple with rising digital fraud as the adoption of mobile banking, instant payments and card transactions accelerates. Industry data from the Nigeria Inter-Bank Settlement System (NIBSS) show that fraud losses across digital payment channels have remained in the tens of billions of naira annually, with spikes typically recorded during peak spending periods such as year-end festivities.

Banks say the growing sophistication of fraud schemes has made customer awareness a critical line of defence, especially as criminals increasingly target behavioural lapses rather than technical loopholes.

Access Bank advised customers to verify all transaction alerts through its AccessMore app and to act swiftly if suspicious activity is detected. “Block your account immediately by dialing *901*911# or chat with us via the LiveChat icon on AccessMore if you suspect your account has been compromised,” it said.

Other banks are also reinforcing similar messages, urging customers to rely on secure mobile data or trusted private networks for financial transactions, while avoiding links, offers or messages that promise unusually high returns or urgent payment requests.

Analysts note that while banks have invested heavily in cybersecurity infrastructure, fraud prevention remains a shared responsibility between financial institutions and customers.

The Central Bank of Nigeria (CBN) has continually stressed that there was a need for Fintech innovation, collaboration and trust as it will shape Nigeria’s digital financial future, while insisting on regulatory compliance among Fintech players.

Its Governor, Olayemi Cardoso, while speaking during a keynote address at the opening ceremony of the ongoing Nigeria Fintech Week 2025 in Lagos, themed: ‘The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future’, organised by Fintech Association of Nigeria (FintechNGR), explained that the Nigerian Fintech ecosystem would require harmony between innovators and regulators, between inclusion and security, and between competition and collaboration, adding that only through such balance can Nigeria orchestrate a future that advances innovation, strengthens trust, and enhances financial inclusion.

As digital payments continue to dominate Nigeria’s retail and commercial transactions, banks say vigilance will be key to preventing festive cheer from turning into financial loss. For customers, banks stress that caution, verification and restraint, especially on unsecured networks, remain the most effective safeguards against fraud. (The Sun, but headline rejigged)