Wema Bank Stops Telegram Services Due to Fake Accounts and Scams

Wema Bank Plc has stopped its activities on Telegram. This decision follows a rise in scams where fake accounts pretend to be the bank and trick customers.

The bank shared this information in an email to customers on Monday. They asked customers not to interact with any Telegram accounts that claim to be Wema Bank.

This action comes as Wema Bank tries to deal with the growing number of fake accounts on social media lately. On 7 June, the bank also paused communication on its X account. They did this to protect customers from fraud and impersonation.

The bank advised customers to stop engaging with its ‘Wema’ and ‘Alat’ accounts on Telegram until they say otherwise. On Monday, Wema Bank announced that its security checks showed an increase in fake accounts impersonating the bank and trying to scam customers on Telegram.

The bank explained that stopping its operations is to safeguard customer interests. They added that their ALAT platform is not available on Telegram. ALAT is Wema Bank's digital banking service.

“Our routine checks and security sweeps have shown a spike in the rate of customers falling victim to scam accounts and fraudsters using fake Telegram accounts.

“As part of our ongoing efforts to proactively protect your interests, we want to remind you that Wema Bank and ALAT are NOT on Telegram,” the bank said.

This move highlights the rising cybersecurity threats that Nigeria's banking sector and other institutions are facing. In response to this issue, the Central Bank of Nigeria (CBN) in March set a three-week deadline for banks. They need to finish a mandatory cybersecurity self-assessment to strengthen the country’s financial system.

CBN stated that this exercise aims to improve risk-based supervision. It also seeks to strengthen oversight of cybersecurity risks in Nigeria’s financial ecosystem.

“We are not on Telegram. Please do not contact us on Telegram or engage with any Telegram account claiming to represent Wema Bank or ALAT. Please do not attempt to contact us on Telegram,” Wema Bank urged. They encouraged customers to reach the bank only through its verified Instagram account, official email address, and customer service phone lines.