Wema Bank has temporarily suspended all communications on its official X (formerly Twitter) platform due to a sharp increase in fraudulent accounts impersonating the bank and its digital subsidiary, Alat.
The bank made the announcement on Sunday, urging customers to avoid interacting with any accounts using the names ‘Wema’ or ‘Alat’ until further notice.
Rising Fraud Concerns
In a statement, the lender explained that routine security reviews revealed a growing number of customers falling victim to scam accounts and fake profiles designed to deceive them.
“As part of our ongoing efforts to proactively protect your interests and take action against these accounts, we have decided to pause communications on the X platform until further notice,” the bank said.
Customers were strongly advised not to engage with or respond to any accounts claiming to represent Wema Bank or Alat on the platform.
Alternative Contact Channels
The bank directed customers to use its verified official Instagram and Facebook pages, the contact centre, or official email addresses for all inquiries and support during this period.
Scale of Impersonation
Wema Bank disclosed that it has identified over 70 unverified accounts on X falsely using variations of its name or that of Alat, none of which are affiliated with the institution.
This development highlights the escalating cybersecurity challenges facing the Nigerian banking industry, where fraudsters increasingly exploit social media to target customers.
In March 2026, the Central Bank of Nigeria (CBN) had directed all financial institutions to complete a mandatory cybersecurity self-assessment within three weeks to strengthen the sector’s defences against digital threats and improve regulatory oversight.
Wema Bank’s decision to pause activities on X reflects a decisive step to safeguard its customers amid rising cases of impersonation and online scams. Further updates on the resumption of communications are expected in due course.
