[REVISION HISTORY]

Global rise in banking phishing and fraud

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2026-11-03 12:11 UTC → 2026-11-03 20:00 UTC · added ~~removed~~

Law enforcement and professional associations in Nigeria, Canada, Portugal, and Belgium have issued warnings regarding increasingly sophisticated banking fraud and phishing schemes. In Nigeria, the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) reported a rise in cyber fraud involving cloned websites, fake alerts, and impersonation accounts used to steal sensitive data like Bank Verification Numbers and PINs. ACAMB President Jide Sipe noted that no Nigerian bank would request such credentials through a link. Despite the Central Bank of Nigeria’s cybersecurity self-assessment guide, experts emphasize that customer awareness remains critical to combatting fraudulent text messages and fake social media accounts. In Canada, the Toronto Police Service reported approximately 17,000 fraud complaints since the start of 2026, with impersonation schemes accounting for one in six cases and resulting in losses over $50 million. Detective David Coffey of the Financial Crimes Unit noted that criminals are utilizing artificial intelligence to increase the persuasiveness of ~~scams by using personal data to build trust. Similarly,~~ scams. The Anti-Fraud Centre reported total losses of approximately $351 million in the first half of 2026, with bank impersonation remaining a leading category. In response, major Canadian banks and telecommunications companies launched the Cross-Sector Anti-Fraud Exchange (CSAFE) to share confirmed fraud intelligence. In Portugal, the Polícia Judiciária alerted the public to phishing emails that use official bank logos and threats of account ~~restrictions to manipulate victims.~~ restrictions. In Belgium, banks are implementing new security measures to combat a significant increase in cybercrime. Belfius has introduced a feature where customers can deposit money online but must visit a physical branch to withdraw it. Other institutions, including KBC like Belfius, KBC, and BNP Paribas ~~Fortis, offer services to block~~ Fortis have implemented security measures, such as requiring physical branch visits for withdrawals or blocking outgoing ~~transfers unless customers contact customer service. These measures follow~~ transfers, following reports that phishing damages nearly doubled last ~~year, with criminals stealing approximately 93 million euros. Additionally, a European Court of Justice ruling now requires banks to reimburse phishing victims within 24 hours.~~ year.

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