Beware of Vishing: How fraudsters are stealing Nigerians’ hard-earned money

In today’s digital age, cybercrime is on the rise, with Vishing (Voice Phishing) becoming one of the most common scams targeting vulnerable individuals in Nigeria. This deceptive practice has led many unsuspecting citizens to lose their life savings to fraudsters posing as bank officials.

How Vishing Works

1. Social Engineering:
Fraudsters use social engineering tactics to trick people into disclosing sensitive financial details over the phone. They manipulate their victims by gaining trust and crafting believable stories.

2. Impersonation:
Criminals often pose as representatives from trusted organizations such as banks, telecom providers, or government agencies. They sound professional, making their deception seem credible.

3. Urgency and Fear:
Fraudsters create a sense of urgency, warning that a victim’s bank account will be blocked or funds will be lost if they do not act immediately. This pressure tactic causes panic, making victims act impulsively.

4. Information Theft:
During these calls, scammers ask for confidential banking information, such as ATM PINs, one-time passwords (OTPs), and token codes. They assure victims that these details are needed to “secure” their accounts.

5. Financial Fraud:
Once fraudsters have these details, they gain unauthorized access to the victim’s bank account, transferring funds and leaving their targets in financial distress.

Real-Life Impact

Many Nigerians have shared stories of losing thousands, even millions, of naira through vishing scams. With BVN-linked accounts being common targets, fraudsters have developed sophisticated schemes that make their calls appear genuine.

How to Protect Yourself

Never share personal information such as PINs, OTPs, or BVN details over the phone.

Verify every call by contacting your bank directly using their official phone number.

Be cautious of urgent requests or threats to block your account.

Report suspicious calls to your bank or relevant authorities immediately.

Call to Action

Banks, telecom providers, and government agencies must intensify public awareness campaigns and improve customer education on cyber fraud prevention. At the same time, stricter enforcement of cybersecurity laws and stiffer penalties for cybercriminals will help reduce these scams.

Stay informed, stay protected, and remember: Your bank will never ask for your PIN, OTP, or token over the phone. Don’t be a victim—hang up and report suspicious calls today.

Hamzat Babatunde Ibrahim is a Cybersecurity Expert