Central Bank of Nigeria Warns Public of Fake SWIFT Messages
Oru Leonard
The Central Bank of Nigeria (CBN) has issued a warning to the public regarding fake SWIFT messages and documents used to deceive individuals and organizations. Recently, the CBN has received numerous claims from private entities, individuals, law firms, and government agencies alleging that foreign currency funds transferred from foreign entities have not been credited to their Nigerian bank accounts.
A press release signed by the , Ag. Director, Corporate Communications, Mrs Hakama Sidi Ali which uncovered the fake documents explained that claimants often present fake documents, including SWIFT MT103 and SWIFT Ack copies, as evidence of remittance. However, these documents are unreliable and untraceable on the SWIFT platform.
In clarifying its role, the apex Bank in Nigeria emphasized that it does not provide correspondent banking services for Nigerian banks in foreign payments, nor maintain accounts for private business entities.
Hakama noted that the standard practice in cases of disputed fund transfers, the sending customer should contact their bank to initiate a tracer to locate the funds, rather than escalating the issue to the CBN or law enforcement agencies.
The CBN cautioned the public to be vigilant and wary of unauthentic SWIFT messages and documents containing false claims. Individuals making unsubstantiated claims risk investigation and prosecution by law enforcement agencies.
Individuals are urged to stay informed and protect themselves from financial deception. Also verify transactions and documents through official channels.
