The Central Bank of Nigeria (CBN) has issued a strong advisory to the public following a surge in fraudulent claims involving counterfeit SWIFT transfer documents. The warning aims to safeguard individuals, businesses, and institutions from falling victim to these schemes while protecting the integrity of Nigeria’s banking system.
Fake SWIFT Claims on the Rise CBN Spokesperson Mrs. Hakama Sidi Ali revealed that the bank has received numerous complaints alleging that foreign currency transfers to Nigerian accounts were not credited. Claimants have submitted fake documents, including SWIFT MT103 forms and acknowledgment copies, blaming Nigerian banks or the CBN for withholding funds.
Addressing these reports, Mrs. Ali clarified: “The SWIFT messages provided by claimants are not traceable on the SWIFT platform, and no funds have been received by Nigerian banks for application to the beneficiary’s account.”
Proper Protocol for Fund Tracing The CBN emphasized that it does not handle or transfer funds between foreign entities and Nigerian banks. Instead, it urged affected parties to contact the sending bank to initiate a tracer for tracking and resolving the issue. This process is critical for determining the status of the funds or recalling them if necessary.
Mrs. Ali also advised against escalating such cases to the CBN or law enforcement without following the proper tracing protocol.
Stay Vigilant Against Fraud The apex bank called on Nigerians to remain vigilant when confronted with unverified SWIFT documents or claims of missing transfers. It warned that individuals or organizations engaging in fraudulent activities would face investigation and prosecution.
By issuing this advisory, the CBN aims to bolster public confidence in the banking system and deter financial crimes. Analysts have highlighted the increasing reliance on digital and cross-border transactions, making vigilance against such scams more critical than ever.
Key Takeaways for MSMEs and Individuals – Verify Transactions: Always authenticate SWIFT documents through your bank before acting on them. – Follow Protocols: If funds go missing, work directly with the sending bank to initiate proper tracing. – Report Suspicious Activity: Alert your bank or law enforcement if you suspect fraudulent claims.
This advisory serves as a timely reminder for businesses and individuals to prioritize due diligence in financial dealings to avoid falling prey to scams.
