The Central Bank of Nigeria (CBN) has warned bank customers to be cautious of fake SWIFT messages in foreign exchange (FX) transfers. These messages often claim that foreign currency has been sent to Nigerian bank accounts, but in reality, no funds are received.

SWIFT messages are official communications sent through the Society for Worldwide Interbank Financial Telecommunication network, used to facilitate financial transactions between banks and institutions. However, the CBN has reported an increase in complaints from individuals, companies, law firms, and government agencies about uncredited funds.

According to Hakama Sidi-Ali, acting director of CBN’s corporate communications, these fake SWIFT messages cannot be traced on the SWIFT platform, and the supposed funds are nonexistent. The CBN urged the public to be careful with such fraudulent claims and avoid relying on unverified documents.

“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested assistance towards releasing the funds to them,” She said.

“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.

“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.”

“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.

“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.

“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.

“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”

The bank also stated that any customer making false claims about foreign currency transfers would be reported to law enforcement for investigation and prosecution.

To protect yourself:

• Always verify SWIFT messages with your bank.
• Avoid sharing personal or financial information with unknown entities.
• Be cautious of anyone promising large foreign currency transfers.

The CBN is committed to ensuring safe banking practices and protecting customers from scams.

Stay vigilant and safeguard your finances!