Nigerian lender Wema Bank has temporarily suspended customer engagements on social media platform X, citing a surge in fraudulent accounts impersonating the bank and its digital banking arm, ALAT.
The bank said in a statement posted on Sunday that it had taken the decision as part of efforts to protect customers from scam operations that have increasingly targeted its official brand identity on the platform.
Wema Bank urged customers to stop interacting with accounts bearing the names “Wema” and “ALAT” on X until further notice, warning that it would not respond to enquiries made through the platform during the suspension period.
“As part of our ongoing efforts to proactively protect your interests and take action against these accounts, we have decided to pause communications on the X platform until further notice,” the bank said.
It added: “Please do not attempt to contact us on X.”
The lender, which operates one of Nigeria’s leading digital banking platforms, said its internal monitoring systems had detected a rising number of fake accounts attempting to defraud customers by posing as official representatives.
Wema Bank said customers should instead rely on its verified communication channels, including its official Instagram and Facebook pages, its customer care hotline, and email support services.
“Please do not engage with or respond to any account claiming to represent us on the platform during this period,” the bank added.
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The development underscores growing concerns over cyber fraud in Nigeria’s financial sector, where banks and fintech firms have increasingly become targets of impersonation scams, phishing schemes and social engineering attacks on social media platforms.
Industry analysts say the rise of fake accounts has been fuelled by the expanding use of digital banking services, which has also increased the volume of customer interactions taking place online.
In Wema Bank’s case, more than 70 unverified accounts bearing the names “Wema Bank” or “ALAT” have reportedly been identified on X, despite having no affiliation with the institution.
The Central Bank of Nigeria (CBN) has previously warned financial institutions to strengthen cybersecurity systems amid rising threats to the country’s financial ecosystem.
In March, the regulator issued a directive requiring banks to complete a mandatory cybersecurity self-assessment within three weeks as part of broader efforts to improve risk-based supervision and enhance resilience across the sector.
The CBN said the initiative was intended to strengthen oversight of cyber risks and ensure financial institutions adopt stronger safeguards against increasingly sophisticated digital threats.
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Wema Bank’s decision reflects a broader trend among financial institutions globally, many of which have reduced or temporarily halted direct customer engagement on social media platforms due to rising impersonation and fraud risks.
The bank did not specify when it expects to resume normal communications on X, saying the suspension would remain in place until further notice as it continues to monitor and address the issue.
