Ecobank Warns Customers About SIM Swap Fraud Threat

In a bid to shield its customers from cyber theft, Ecobank has warned about the grave risk associated with SIM swap fraud.

In a recent email communication to customers, the bank explained the insidious nature of SIM swap fraud, where criminals exploit phone numbers to gain unauthorized access to bank accounts.

According to Ecobank, scammers proficiently impersonate victims, coercing mobile phone carriers into activating a replacement SIM card. This devious maneuver hands control of the victim’s phone number over to the fraudsters, granting them access to online banking platforms.

Ecobank’s statement said: “It means scammers could potentially enter your username and password when logging onto your online banking platform and then receive the SMS verification code to access your account.”

Ecobank has not left its customers in the dark about how to protect themselves. They’ve urged individuals to exercise caution when sharing personal information on social media, as fraudsters can exploit details like maiden names and birthplaces.

The bank’s advice is clear: never disclose logins and passwords to anyone, whether for mobile phones, online banking, or credit cards, and report any suspicious activity promptly.

Moreover, Ecobank emphasized that it will never request personal or financial information via email, and recipients should verify the legitimacy of websites linked in such emails before visiting them.

The bank has also urged customers not to engage with unsolicited emails, SMS, or calls from unfamiliar sources seeking personal or banking data.

In other news, Ecobank Group’s financial performance in the second quarter of 2023 has garnered attention. The bank reported a remarkable 63% increase in pre-tax profits, reaching N92.52 billion. Interest income for the quarter surged to N238.67 billion, compared to N161.09 billion during the same period in 2022.

Fees and commission income also saw substantial growth, climbing 25% to N71.01 billion from the previous year’s N56.73 billion. Furthermore, other operating income saw a significant increase of 262%, reaching N13.07 billion, up from N3.61 billion in the previous year.

The bank’s impressive financial performance was underpinned by a 58% increase in loans and advances to customers, totaling N8.03 trillion. Deposits from customers for the first half of 2023 also rose to N14.71 trillion, compared to N9.60 trillion recorded at the end of 2022.

Commenting on these results, Jeremy Awori, CEO of Ecobank Group, stated, “Our results for the first six months of 2023 demonstrate the benefits of our diversified business model, resilient balance sheet, and our commitment to serving our customers.” He further highlighted the bank’s growth opportunities, strategic partnerships, and plans for transformation and growth across various business sectors.

Awori acknowledged the challenges posed by macroeconomic conditions but expressed confidence in Ecobank’s ability to navigate them successfully. The bank remains focused on delivering for its customers, managing its balance sheet prudently, and investing in technology to ensure continued growth and success.