Wema Bank has temporarily blocked communication on its account X, citing the need to protect customers from fraudulent activities and account impersonation.

The lender disclosed the suspension of its engagements on X in a post on Sunday, urging customers to halt interactions with its ‘Wema’ and ‘Alat’ accounts on the platform until further notice. Alat is the lender’s digital banking platform.

Wema Bank noted that its routine checks and security sweeps showed a surge in the rate at which customers are becoming vulnerable to ‘scam accounts’ and fraudsters with fake accounts 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,” the financial institution stated.

“Please do not attempt to contact us on X,” it further said.

The bank explained that its efforts to halt communications on X are to prevent its customers from falling prey to fraudulent accounts operating under the guise of Wema Bank on the platform.

The bank directed its customers to contact its official Instagram and Facebook pages, call its contact centre, or email it for verified support and enquiries.

“Please do not engage with or respond to any account claiming to represent us on the platform during this period,” Wema Bank disclosed in the post.

READ ALSO: Fuel gulps 73% of tricycle operators’ income in northern Nigeria – Report

Meanwhile, more than 70 unverified accounts bearing the names “Wema Bank” or ‘ALAT’, the bank’s digital banking platform, have been identified on X, even though they have no affiliation with the financial institution.

The development highlights the increasing incidence of cybersecurity threats in the Nigerian banking industry, which compelled the Central Bank of Nigeria (CBN) to issue lenders a three-week ultimatum in March to complete a mandatory cybersecurity self-assessment as part of a broader push to enhance resilience in the financial system.

According to the CBN, the exercise would boost risk-based monitoring and enhance regulatory oversight of cybersecurity threats in the country’s financial ecosystem.

Wema Bank pauses X account due to fraud concerns

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