Wema Bank warns customers of fraudulent mobile applications

Wema Bank has issued a warning to its customers regarding an increase in digital fraud involving malicious applications. Cybercriminals are using deceptive advertisements and pop-up windows on social media, websites, and messaging platforms to trick users into downloading harmful software.

These fraudulent applications often masquerade as legitimate tools, such as sports betting apps, live score trackers, streaming services, or system updates. Once installed, they can seize control of a device, steal banking credentials and transaction codes, intercept SMS and one-time passwords (OTP), and perform unauthorized transactions through mobile banking profiles.

To mitigate these risks, Wema Bank advises customers to only download banking applications from official stores like the Google Play Store or Apple App Store. The bank also recommends avoiding downloads via links or pop-up ads, remaining cautious of unexpected system update requests, and regularly reviewing installed applications.