CBN Uncovers Fake SWIFT Messages Fraud, Warns Nigerians to Stay Vigilant

The Central Bank of Nigeria (CBN) has issued a stern warning to the public regarding a growing trend of fraudulent activities involving fake SWIFT messages used to support unsubstantiated claims about foreign currency transfers. This alert comes in response to an alarming increase in complaints from individuals, law firms, and government agencies alleging that foreign funds sent to their accounts have not been credited.

In a statement released on November 19, 2024, signed by Hakama Sidi-Ali, the acting director of the CBN’s corporate communications department, the bank cautioned Nigerians against relying on counterfeit SWIFT documents as evidence of remittances. The CBN emphasized that many of these claims are accompanied by fabricated documents such as SWIFT MT103 forms and acknowledgment copies that cannot be verified on the official SWIFT network.

Nature of the Fraud

The CBN reported that it has been inundated with petitions from various stakeholders claiming that foreign currency funds allegedly transferred to them by foreign entities remain uncredited in their Nigerian bank accounts. In many cases, these claimants assert that the funds are being withheld either by their beneficiary banks or by the CBN itself.

Sidi-Ali clarified that the SWIFT messages attached to these claims are often unreliable and not traceable within the SWIFT platform. “The funds referenced in these claims have not been received by the beneficiary banks, making their application to the beneficiaries’ accounts impossible,” she stated.

The apex bank also outlined the proper procedure for addressing issues related to non-receipt of funds. It urged individuals facing genuine cases of unreceived funds to contact the sending bank directly for assistance in tracing and recovering the funds, rather than escalating the matter to the CBN or law enforcement agencies.

CBN’s Position

In its statement, the CBN categorically denied providing correspondent banking services for Nigerian banks or maintaining accounts for private business entities. It dismissed claims suggesting that substantial foreign currency inflows are “trapped” within the CBN as “spurious and deceitful.” The bank reiterated its commitment to safeguarding Nigeria’s financial system from fraudulent activities and warned that any individuals or organizations found making illegitimate claims would face legal consequences.

“The general public is advised to be careful with such unauthentic SWIFT messages and documents containing spurious claims,” Sidi-Ali cautioned. She added that any bank customer making unsubstantiated claims would be reported to law enforcement agencies for investigation and prosecution.

By adhering to established procedures and seeking guidance from financial institutions, stakeholders can help protect themselves from falling victim to scams involving fake SWIFT messages. The CBN’s proactive stance underscores its commitment to maintaining integrity within Nigeria’s financial landscape as it combats rising fraud in the sector.

By Joseph Johnston,
Youth Editor,
Egogonews Hub

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