How To Identify Fake Bank Alert

How To Identify Fake Bank Alert – Nothing is more heartbreaking than losing money to scam in Nigeria. This hostile action frequently takes the form of various scams designed to defraud people of their hard-earned money. One such method is to use “made up” false bank alerts to defraud people, particularly those doing business. As a result, you must understand how to spot bogus bank warnings in Nigeria.

It is general known that technology has transformed the financial sector, thus its continued existence is not entirely positive. There are also underlying issues with how people misuse technology to endanger others.

The Central Bank of Nigeria (CBN) implemented a cashless policy in 2012 to regulate the circulation of Nigerian naira notes, with individuals being able to withdraw a maximum of N500,000 and corporate organisations being able to withdraw a maximum of N3 million every day. This reduces the frequency with which people use cash.

As a result of this policy, Nigerians are increasingly using internet banking to make transfers from anywhere in the
country. As this innovation arises, it is also becoming a breeding ground for criminal enterprises devising new ways to deceive people. This results in a phony bank alert, which has become an existential threat to Nigeria’s financial outlook.

This post will teach you how to spot bogus bank warnings, putting you on the safer side of averting money loss.

First, What Is Fake Bank Alert?

Fake bank warnings have continued to raise worries in Nigeria, as the number of victims of this fraud grows due to the innovations used by these malevolent groups to deceive individuals. This practice comprises sending money to a bank account while the recipient is unable to withdraw the amount.

In other words, phony bank alerts might be referred to as flash funds, often known as “audio money” in local jargon, to make a fake money transfer appear genuine. This is common between businesses and customers, where customers can make purchases to the seller’s bank account and make bank transfers. It may also affect borrowers and firms with lending apps in Nigeria, where they may utilize bogus bank alerts to mislead about repaying their lenders. As a result, the two sides have a back-and-forth.

The seller will receive a notification that the account has been credited, which is a bogus alert. Nonetheless, the seller will deliver the acquired goods to the purchasers, only to realize later that the funds did not match the seller’s bank account balance. This is a typical hostile activity directed against enterprises, as many have suffered losses in the millions of naira range, putting some out of business.

Furthermore, you should be aware that your bank account number and phone number are the major pieces of information that fraudsters want in order to commit this heinous deed. It is nearly impossible to obtain false bank notifications without these two pieces of information because it may be tough to trace down the fraudsters once this information is released.

Apps Used For Fake Bank Alerts In Nigeria

Let’s look at several prominent apps that fraudsters use to swindle Nigerians to get a better grasp of how this nasty activity works:

  • Flash Fund app
  • Money Prank Pro
  • Lofty SMS app
  • Pro and fake alert maker for Android
  • Millionaire fake bank account

How To Spot Fake Bank Alerts

Receiving bogus bank alerts is an unpleasant experience that no one wants to undergo. It is crucial to highlight that any one can fall victim to these fraudulent warnings, but that does not mean there are no red indicators to look for in order to avoid being a victim.

So, how do you spot these red signs of bogus alerts?

1. Check The Sender’s Information

A real bank alert will include the bank’s name and logo, as well as the sender’s email address or phone number that matches the bank’s official contact information. You can verify this information by visiting the bank’s website or calling them directly.

2. Check For Discrepancies

There would almost certainly be inconsistencies in the alert’s text or layout. A true bank alert, for example, will include the sender’s account number and transaction data, but bogus bank alerts may not include these details.

3. Examine The Language And Tone

The false bank alert frequently contains spelling and grammatical problems, as well as an informal tone. Original bank warnings, on the other hand, are always
written formally and professionally. As a result, be skeptical of bank warnings that request sensitive information such as PINs or passwords. This is due to the
fact that banks do not request such information via signals.

4. Check With The Bank

You can check the legitimacy of the bank warning by contacting the bank. Every bank has a customer service staff that can assist you in determining the veracity of the signal while also offering information on recent transactions in your bank account.

How to Check The Authenticity Of
Bank Alerts

  • Confirm The Credit’s Addition To Your Balance

You should notice the credit alert added to your bank account. For example, if you have N100,000 in your bank account balance and receive a N50,000 bank credit alert, your total account balance should now be N150,000. If anything falls short of it, there is a problem.

  • Check Your Email

When someone sends money to you, you will be notified that your account has been credited. This is analogous to
transferring money from one bank account to another. As a result, you should be able to receive the same message from your bank by email.

How To Guard Against Fake Bank Alerts

  • Determine Whether Your Bank Sends Credit/Debit Alerts Through SMS.

Traditional banks may send SMS notifications, while digital banks do not. As a result, you must grasp your bank’s policies regarding sending credit or debit credits. This allows you to be careful of this alert mode concerning your bank.

  • Confirm All Transactions

Every transaction in your bank account must be confirmed. This is critical for enterprises; before delivering purchased goods to customers, you must check that your bank account has been credited.

Also, be aware of anyone that rush you to check your account balance. You can check your account balance via your bank’s mobile app, an ATM, or a bank statement.

  • Be Security Conscious

You should not hand over your mobile device to anyone who claims to know how to assist you get push notifications. This is due to the fact that they have access to your account balance and information. So keep this confidential and notify your bank if there is a problem.

Reporting Fake Bank Alerts

It is critical to report the occurrence of phony bank notifications to your bank for urgent action, such as tracking down the fraudster. If these situations become common, your bank may publish a press release informing the public, particularly clients, of the rash of false bank notifications destroying their bank accounts.

This measure would raise awareness of the various schemes used by hostile actors to scam people. As a result, if you report your case of phony bank alerts, you can prevent numerous bank clients from becoming victims.

Furthermore, the matter may be referred to the police and the Economic and Financial Crimes Commission (EFCC) in order for them to take action against the perpetrators or the malicious act.

Final Thoughts

Fake bank notifications are becoming increasingly common in Nigeria today, and it is critical to be aware of the red indicators that indicate you are about to become a victim. Before receiving a credit alert, you must be aware of your account balance in order to receive a proper overview of your account balance when an amount is added. You must take this practice seriously.

Furthermore, you may always check your email for updates on all transactions in your account. However, it is critical to quickly report any incidence of phony alert to your bank for additional action that could help secure your bank account.

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