Nigerian commercial banks have issued coordinated warnings to their customers to remain vigilant against a surge in fraudulent activities during the current festive season. This high-alert period coincides with the conclusion of Operation Sentinel, a massive INTERPOL-coordinated initiative that saw law enforcement in 19 African countries, including Nigeria, arrest 574 suspects and recover approximately 3 million dollars in stolen funds.
The alerts, sent via emails and official social media channels, highlight a seasonal rise in holiday scams. Financial institutions including FirstBank, Stanbic IBTC, Union Bank, and United Bank for Africa (UBA) are urging customers to protect sensitive information as criminals increasingly use social engineering and sophisticated digital tools to exploit the end-of-year rush.
FirstBank reported a rise in new fraud trends targeting mobile apps, mobile wallets, and USSD banking channels. The lender warned that fraudsters are deploying fake apps and posing as helpful assistants to steal banking codes. Customers are advised to only install applications from official stores like the Google Play Store or Apple App Store and to never share their One Time Password (OTP), PIN, or account details with anyone.
Stanbic IBTC and Union Bank reinforced these warnings, emphasizing that they will never request sensitive personal data or funds in exchange for services. UBA urged customers to “stay sharp” and participate in the fight against fraud by reporting any suspicious activities to their dedicated Fraud Help Desk.
These domestic warnings follow a broader report from INTERPOL detailing the success of Operation Sentinel. Conducted between October 27 and November 27, 2025, the operation targeted business email compromise, digital extortion, and ransomware. During this period, over 6,000 malicious links were deactivated, and six ransomware variants were successfully decrypted. The investigated cases were linked to total financial losses exceeding 21 million dollars across the continent.
INTERPOL’s 2025 Africa Cyber Threat Assessment Report identifies these crimes as growing threats, with Western and Eastern Africa seeing cyber-related offenses account for over 30 percent of all reported crime. Authorities emphasize that as digital tactics evolve to include the use of artificial intelligence and unverified accounts, the collaboration between security agencies, private sector partners, and the public remains the primary defense against global cyber syndicates.
