As December spending heats up, Nigerian banks are dealing with a familiar but sharper threat. Digital fraud attempts are rising fast, driven by heavier online activity, distracted customers, and criminals who know this is their moment.
Why December keeps attracting cybercriminals
The final weeks of the year bring a flood of money movement across Nigeria’s banking system. Salaries land. Bonuses are paid. Families send remittances. Shopping spikes, both online and at physical points of sale.
Fraudsters plan around that calendar.
Industry insiders say criminals deliberately wait for this period because transaction volumes surge while attention drops. People rush payments. Businesses close books. Finance teams juggle deadlines.
One short sentence fits here.
Noise makes good cover.
Banks confirm that fraud attempts rise sharply in the fourth quarter, with December often recording the highest volume. Many attacks succeed quickly, before victims realize anything is wrong.
This pattern has repeated itself year after year, but the methods keep changing.
Digital banking growth brings a wider risk footprint
Nigeria’s push into digital banking has delivered real gains. Mobile apps, USSD transfers, internet banking, and PoS terminals now handle much of everyday commerce.
That convenience has a cost.
As banks rolled out faster, simpler payment tools, the number of entry points multiplied. Fraud is no longer about stolen cards or physical theft. It’s about messages, links, calls, and stolen access.
One sentence says enough.
The attack surface grew with adoption.
Banking sources estimate that institutions lose billions of naira each year to cyber-enabled fraud. A large share of those losses clusters around year-end, even with investments in monitoring tools and customer awareness campaigns.
Security spending keeps rising. So does fraud.
The most common scams showing up this season
Fraudsters are getting better at timing and tone. Messages now feel personal. Calls sound official. Pressure is applied carefully.
During the festive period, scams often lean on urgency or excitement. Discounts. Travel plans. Deliveries. Account warnings.
Banks say the most reported schemes include:
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Phishing emails or SMS posing as bank alerts or promotions
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Smishing links tied to fake holiday deals or delivery notices
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Calls impersonating bank staff or fintech support agents
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SIM swap attacks leading to account takeover
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Business Email Compromise targeting corporate finance teams
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The trick isn’t tech alone. It’s psychology.
Social engineering scams have become especially damaging. Victims are persuaded to approve transactions or share one-time passwords. Since the customer authorizes the payment, recovery is often difficult.
Account takeovers are getting faster and quieter
Once fraudsters gain access, speed matters.
SIM swaps remain a favorite tactic. With control of a phone number, criminals reset passwords, intercept alerts, and empty accounts within minutes. During high-traffic periods, unusual activity can blend into the background.
Banks admit detection is harder in December.
Volumes are high. Alerts increase. Manual reviews get stretched.
Account takeover fraud has shifted from noisy break-ins to short, precise strikes. By the time customers notice missing funds, accounts may already be drained.
Businesses are feeling the pressure too
Retail customers aren’t the only targets.
Business Email Compromise has grown into a serious risk for companies closing year-end accounts. Fraudsters impersonate senior executives or vendors, sending convincing payment instructions that look routine.
Finance teams, under audit pressure, may not question what appears to be a normal request.
One sentence fits cleanly.
Routine can be dangerous.
Banks report more BEC attempts during December, especially among small and mid-sized firms that lack layered approval processes. Once funds move, recovery chances drop fast.
What banks are doing to contain the damage
Nigerian banks aren’t passive in this fight. Many have stepped up controls during the festive window, tightening thresholds and increasing monitoring.
Some institutions apply stricter limits on transfers. Others slow certain transaction types for extra review. Customer alerts are pushed more aggressively.
Here’s how banks typically adjust during year-end peaks:
| Area | Common adjustment |
|---|---|
| Transaction limits | Temporary caps or stepped approvals |
| Monitoring | Higher alert sensitivity |
| Customer messaging | Fraud warnings via SMS and apps |
| Staff coverage | Extended fraud response hours |
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These measures help, but they aren’t foolproof.
Fraud adapts as controls change. Criminals test boundaries until something slips.
Customers remain the weakest link
Despite repeated warnings, banks admit customer behavior remains a major factor.
People click links. Share codes. Trust callers. Especially when distracted or stressed.
Festive pressure makes that worse.
One sentence stands alone.
Awareness fades when urgency rises.
Banks continue pushing reminders about never sharing OTPs, ignoring suspicious messages, and verifying payment requests. Still, losses tied to customer-authorized fraud remain hard to reverse.
This creates tension. Customers expect protection. Banks face rules that limit reimbursement when approvals are given.
Regulators are watching closely
The surge in digital fraud has not escaped regulators.
Industry observers say oversight bodies are paying closer attention to how banks detect, report, and resolve fraud cases, especially during peak periods. Questions around accountability, disclosure timelines, and customer protection are getting louder.
Banks also face internal strain. Fraud losses hit balance sheets. Disputes drain resources. Reputation risk lingers long after numbers are settled.
A seasonal problem that keeps returning
Every December brings the same warning signs. Higher volumes. More scams. Rising losses.
Yet the system hasn’t broken. Payments still flow. Confidence holds, for now.
As Nigeria’s digital economy keeps growing, year-end fraud spikes are becoming less of an anomaly and more of a stress test. Banks enter this season alert, staffed up, and cautious, knowing the next few weeks will likely decide how costly the year truly ends.
