How To Detect Fake Bank Alert And Prevent Financial Losses.


Fake bank alerts scam is the most dangerous scheme yet and the banking industry has only a short time to get ahead of it.

If technology continues its current advance, this scam may wipe the gains the cashless policy, when most business owners may insist on cash only sales.

Fake bank alerts scam is not entirely new but it is growing in scope and leaving in its losses in its wake.

Apart from Nigerians who lose hard earned money, Deposit Money Banks (DMBs) in the country are also waxing worriedly from increasing reports of fraudsters using fake bank SMS notifications to dupe their (banks’) customers.

According to sources, while most bank customers sign up for SMS notifications as these help account holders track movement in their accounts, fraudsters pose as potential buyers of goods or services provided by the bank customer and after both parties have agreed on a price, send fake SMS’s indicating they have deposited money into the sellers’ account.

The criminals usually count on their target, believing the SMS is real and would not bother to confirm with his/her bank before releasing the goods.

Only recently, there was a story of Michael Thompson Williams a 28-year old medical doctor, who bought a Porsche Car worth N28 million with fake bank alert.

Also in Sapele, Delta state, a young man entered a shop and bought a Hisense 32″ LED TV with fake alert.

Cases of the fraud are replete and bankers said they are concerned about the development and were mulling measures to address it.

Also, the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) said they will soon introduce a scheme that will enable banks and telecommunications companies to ban owners of any bank account or the mobile phone line traced to fraud.

The CBN and NCC are reportedly working with the Nigeria Deposit Insurance Corporation (NDIC), following the spate of electronic fraud involving Unstructured Supplementary Service Data (USSD) telephone lines and internet banking transfers.

But some experts claimed that the most significant risks to banks are self-serving or criminal acts carried out by some insiders.

According to them, when these insiders use their technical knowledge to alter or disable security controls, it can be even more difficult to detect abuse.

Beyond that Iyke Obiako, an engineer and a security expert said that banks must change the format of their SMS notifications in such a way that these alerts will contain security features that will be impossible for fraudsters to copy.

For accounts owners, the first security and guard against being scammed is to contact their account officers or someone in the bank to confirm the transaction.

Fake bank alerts has become a common norms process of defraud unsuspecting victims their hard earning money through means of cash transfer by the sender.

Since the introduction of Cashless policy,fraudster has taken advantage of it by sending fake SMS credit alert to their  victims  mobile phone which will never reflect in your bank account statement.

They often carry out this dubious attitude with the aid of application like Flash Fund App
Loftysms app,Money Prank Pro,Millionaire Fake Bank Account Pro and Fake Alert Maker for Android

Most time the fraudster often ask you for your phone number and bank account number, then make use of this  app that will send fake bank alerts instantly which would look exactly like your bank’s credit alert, then add the amount of money you both agreed .

In this article, i am going to share with you how you can detect fake credit alert and what to watch out for, should case you you receive payment via mobile transfer/internet banking to your bank account as a business person.

Steps to detect Fake bank alerts

Step 1
Check your Email that is link to your bank account

If your bank account is not link to your email— please open one either from gmail or yahoomail and link it to your account to enable you verify and get update of any financial transaction that took place in your bank account also, you can get to know your bank account statement and account balance by checking your email.

Once you received the suspected bank alert, check your email source. The original alert from your financial institution cannot be found attached with any other email of whatsoever before you believe the sender.

Step 2

Account Balance Will Not increase

This can be done using your bank ussd code or Mobile banking app, you can also check your account balance through internet banking or ATM Machine.Fake sms alert will never reflect in your account balance or statement.

Step 3

Check the credit alert you received if it contains your ‘available bank balance

Fake SMS alert will not  contain your available balance SO YOU CAN EASILY DETECT the fake SMS  if your account balance does not reflect along with transfer payment done by your customers/buyers

Please Note:  Avoid clicking on links that request  your bank account details or given out your bank information to stranger either via email, phone call or online platform. be warned and stay safe.


Author: refuge_2020

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