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Wema Bank suspends engagements on X amid concerns over fraud, impersonation
🇳🇬 Nigeria /Crime & Justice

Wema Bank suspends engagements on X amid concerns over fraud, impersonation

From Premium Times · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Wema Bank has suspended its communications on the X platform to protect customers from fraud and impersonation.
  • The bank identified a surge in scam accounts and fake profiles targeting its customers on X.
  • Customers are advised to use other official channels like Instagram, Facebook, or the contact center for support.

Wema Bank has temporarily halted all engagements on the X platform, formerly Twitter, citing an urgent need to safeguard its customers against escalating fraud and account impersonation. The Nigerian lender announced the suspension in a post on Sunday, advising customers to cease all interactions with its official ‘Wema’ and ‘Alat’ accounts on the platform until further notice.

As part of our ongoing efforts to proactively protect your interests and take action against these accounts, we have decided to pause communications on the X platform until further notice.

— Wema BankThe bank explained its decision to suspend communications on X.

The bank's routine security checks revealed a significant increase in customer vulnerability to scam accounts and fraudsters operating fake profiles on X. "As part of our ongoing efforts to proactively protect your interests and take action against these accounts, we have decided to pause communications on the X platform until further notice," Wema Bank stated. It further urged customers, "Please do not attempt to contact us on X."

This move aims to prevent customers from falling victim to fraudulent accounts that falsely represent Wema Bank. The bank has directed customers to its official Instagram and Facebook pages, its contact center, or email for verified support and inquiries. "Please do not engage with or respond to any account claiming to represent us on the platform during this period," the bank emphasized.

Please do not attempt to contact us on X.

— Wema BankThe bank instructed customers on how to proceed during the suspension.

The situation highlights a growing cybersecurity challenge within Nigeria's banking industry. Authorities have taken notice, with the Central Bank of Nigeria (CBN) issuing a directive in March requiring lenders to complete a mandatory cybersecurity self-assessment within three weeks. This initiative is part of a broader effort to bolster resilience against cyber threats in the financial system and enhance regulatory oversight.

Please do not engage with or respond to any account claiming to represent us on the platform during this period.

— Wema BankThe bank warned customers against interacting with fake accounts.
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Originally published by Premium Times. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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