Global Money Week: Protect Your PINs, Passwords – CBN
The Central Bank of Nigeria has issued a stern warning to all banking customers across the country, urging them to protect their financial information by refusing to share passwords, personal identification numbers, or other sensitive banking details with anyone, including individuals claiming to be bank officials.
The advisory, released as part of activities marking Global Money Week 2026, comes against the backdrop of rising fraud cases and increasingly sophisticated scams targeting unsuspecting bank customers through phone calls, text messages, emails, and social media platforms.
In a statement posted on its verified social media account, the apex bank emphasized the critical importance of information security in safeguarding personal finances.
“Protect your money by protecting your information. As we mark Global Money Week 2026, remember: your PINs, passwords, and banking details should never be shared with anyone, not even someone claiming to be from your bank. Stay alert. Stay safe,” the CBN stated.
The warning reflects growing concerns within the financial services sector about the vulnerability of banking customers to fraudulent schemes that exploit trust, urgency, and technological manipulation. Fraudsters have increasingly adopted sophisticated methods, including impersonating bank officials through spoofed phone numbers, creating fake websites that mirror legitimate banking portals, and deploying social engineering tactics to extract sensitive information from victims.
Nigeria has witnessed a steady rise in banking fraud incidents over the past decade, driven largely by the rapid expansion of digital banking services and mobile money platforms. According to data from the Nigerian Deposit Insurance Corporation, banks reported fraud cases involving approximately N5.5 billion in 2022, with electronic banking channels accounting for the majority of reported incidents. The figure represented a significant increase from previous years, highlighting the escalating threat posed by cybercriminals.
The NDIC’s 2023 fraud report indicated that automated teller machine fraud, internet banking fraud, mobile banking fraud, and point-of-sale fraud constituted the primary categories of electronic fraud affecting Nigerian banks. Phishing attacks, where criminals send deceptive messages designed to trick recipients into revealing login credentials or clicking malicious links, have become particularly prevalent.
Common tactics employed by fraudsters include impersonating bank customer service representatives to request account verification details, sending fake alerts claiming that accounts have been compromised and requiring immediate action, offering fake promotions or prizes that require customers to provide banking information, and creating fake banking applications designed to steal credentials when downloaded.
The CBN’s warning aligns with its regulatory mandate to protect consumers and maintain confidence in the Nigerian banking system. Under the CBN Act 2007, the apex bank is empowered to promote a sound financial system and protect the integrity of payment systems. The bank has previously issued multiple consumer protection guidelines requiring financial institutions to implement robust security measures and educate customers about fraud prevention.
In 2020, the CBN introduced the Consumer Protection Framework, which mandates banks to establish dedicated consumer protection units, handle complaints efficiently, and ensure transparency in all dealings with customers. The framework also requires banks to provide clear information about security practices and warn customers about common fraud schemes.
Global Money Week, observed annually during the second week of March, is an international campaign coordinated by the Organisation for Economic Co-operation and Development’s International Network on Financial Education. The initiative, which began in 2012, aims to promote financial literacy, encourage responsible money management, and empower young people and adults to make informed financial decisions.
This year’s Global Money Week, running from March 10 to March 16, 2026, focuses on the theme of financial resilience and digital financial literacy, emphasizing the importance of understanding digital financial services and protecting oneself from online fraud. More than 170 countries participate in the annual campaign, organizing workshops, seminars, school programs, and public awareness activities designed to improve financial knowledge among citizens.
In Nigeria, the campaign has gained increasing relevance as the country transitions rapidly toward a cashless economy. The CBN’s cashless policy, first introduced in 2012 and progressively expanded across all states, has driven significant growth in electronic payments. According to the Nigeria Inter-Bank Settlement System, the value of electronic transactions in Nigeria exceeded N600 trillion in 2024, reflecting the dominance of digital channels in the nation’s payment ecosystem.
However, this digital transformation has also created new vulnerabilities. Many Nigerians, particularly those who are new to digital banking or have limited technological literacy, remain susceptible to fraud. Research conducted by the Financial Institutions Training Centre indicates that elderly customers and rural banking users are disproportionately affected by fraud schemes due to lower levels of digital literacy and unfamiliarity with security protocols.
The CBN’s advisory emphasizes several critical security practices that customers should adopt to protect their accounts. These include never sharing PINs, passwords, or one-time passwords with anyone regardless of who they claim to be, regularly monitoring account statements and transaction alerts for unauthorized activities, using only official banking channels such as verified bank applications and websites, avoiding clicking on links in unsolicited messages or emails, enabling two-factor authentication where available, and reporting suspicious communications or transactions immediately to banks and law enforcement agencies.
Banking industry experts have consistently advised customers to verify the identity of anyone requesting banking information by independently contacting their bank through official telephone numbers listed on account statements or the bank’s verified website, rather than responding directly to unsolicited communications.
The Economic and Financial Crimes Commission, Nigeria’s lead anti-corruption agency, has recorded thousands of fraud-related arrests in recent years, with many cases involving individuals who obtained banking details through deceptive means. In its 2023 annual report, the EFCC noted that internet fraud, commonly referred to as cybercrime, constituted a significant portion of financial crimes prosecuted by the commission.
The Nigeria Police Force Cybercrime Unit has also intensified efforts to combat banking fraud, establishing specialized teams to track and prosecute offenders. Despite these enforcement efforts, the evolving nature of cybercrime and the cross-border dimensions of many fraud schemes continue to pose significant challenges to law enforcement agencies.
Financial institutions have implemented various technological measures to enhance security, including real-time transaction monitoring systems, biometric authentication, tokenization of card details, and artificial intelligence-driven fraud detection algorithms. However, security experts emphasize that technology alone cannot eliminate fraud risk and that customer vigilance remains the most critical line of defense.
The CBN has mandated all deposit money banks to educate customers continuously about security best practices through multiple channels including text messages, emails, in-branch displays, and social media platforms. Banks are also required to display prominent warnings on ATMs, banking applications, and websites reminding customers never to share security credentials.
As Nigeria continues its journey toward full financial inclusion, with the government targeting 95 percent financial inclusion by 2024 according to the National Financial Inclusion Strategy, ensuring that newly banked populations understand security risks and protection measures has become increasingly important.
The apex bank’s Global Money Week advisory serves as a timely reminder that while digital banking offers convenience and efficiency, it also requires heightened awareness and proactive security practices from all users. Financial literacy advocates have called for sustained public education campaigns beyond designated awareness weeks to embed security consciousness into everyday banking behavior.
The CBN has encouraged Nigerians to take advantage of Global Money Week activities, which include webinars, school programs, and community outreach initiatives organized by banks, fintech companies, and financial literacy organizations across the country, to deepen their understanding of safe banking practices and financial management.