Wema Bank stops communication on X to tackle fraud issues

Wema Bank has stopped all communication on its X account. The bank said this is to protect customers from fraud and impersonation.

The bank announced this decision in a post on Sunday. It asked customers to stop engaging with its ‘Wema’ and ‘Alat’ accounts on the platform until they give further updates. Alat is the bank's digital banking service.

Wema Bank revealed that its regular checks found a rise in the number of customers at risk from fake accounts and fraudsters 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 bank said.

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

The bank explained that stopping communication on X is meant to keep customers safe from fake accounts pretending to be Wema Bank.

Wema Bank told customers to reach out through its official Instagram and Facebook pages. They can also call its contact center or send an 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 warned in the post.

Meanwhile, over 70 fake accounts using the names “Wema Bank” or ‘ALAT’ have been spotted on X. These accounts are not connected to the bank in any way.

This situation shows the growing problem of cyber threats in Nigeria's banking sector. The Central Bank of Nigeria (CBN) had to give banks a three-week deadline in March to finish a required cybersecurity self-assessment. This is part of a larger effort to strengthen the financial system.

The CBN said this exercise would improve risk monitoring and strengthen regulatory oversight of cyber threats in Nigeria's financial system.