NFIU Cautions Nigerians on Wire Transfer Scams
The Nigerian Financial Intelligence Unit (NFIU) has issued a warning about a surge in fraudulent petitions involving alleged large wire transfers from foreign banks into Nigerian accounts.
According to the NFIU in advisory sighted by Economic Confidential on Monday, these petitions often involve forged documents, fictitious transactions, and deceptive practices intended to exploit the financial system.
“These fraudulent entities typically open new bank accounts and forge Memoranda of Understanding (MoUs) and SWIFT messages to claim fictitious funds,” the NFIU stated.
It also identified several red flags, including large amounts allegedly transferred, inconsistencies in documents, newly incorporated entities, lack of transaction history, and doctored SWIFT messages.
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“No confirmations of such large transfers have been received from foreign FIUs or foreign banks,” the NFIU emphasised.
The impact of these scams is significant, posing reputational risks for Nigerian banks and potential erosion of public trust. “The misuse of NFIU’s name and resources, including forged documents bearing the NFIU’s insignia, is a major concern,” the advisory noted.
To mitigate these risks, the NFIU has recommended that financial institutions conduct Enhanced Due Diligence, verify the authenticity of SWIFT messages, and promptly reject fraudulent claims.
The public is also advised to be sceptical of unverifiable wire transfer claims and scrutinise investment opportunities.
“Vigilance, due diligence, and effective collaboration among financial institutions, law enforcement agencies, and the public are crucial to mitigating these risks,” the NFIU added.
