Moruf Oseni-led Wema Bank has raised the alarm over a new application used by fraudsters to hack accounts.
The financial institution also warned its customers about the new malware targeting Android devices, adding that it is used to hack accounts and steal information.
Advising its customers to safeguard their devices and personal information against phishing emails and malicious websites, the bank noted that the malware identified as ‘Brokewell’ enables fraudsters to remotely access and control devices, giving them access to sensitive information.
It added that once installed on a victim’s device, the malware can allow fraudsters to remotely access and control the device, giving them unrestricted access to the victim’s personal and financial information.
A message by the bank to its customer reads, “We’ve recently identified a significant threat to the security of your Android mobile devices; the “Brokewell” banking malware.
“This malicious software is designed to steal sensitive information and gain control over infected devices by posing as legitimate apps.
“To protect yourself, follow these steps: Keep your device updated with the latest operating system and security patches.
“Install a reputable antivirus app from trusted sources like the Google Play Store. Only download apps from official stores and avoid third-party sources. Review app permissions before installation.
“Beware of phishing attempts and suspicious links. Monitor your device for unusual behavior. If you suspect an infection, perform a factory reset immediately,” the message read.
Wema Bank’s fraud awareness is not in isolation, as it steams from the heavy financial losses recorded in its full-year 2023 financial statement.
In the statement, the bank revealed that it recorded 1,195 fraud cases to the tune of N1,136 billion out of which N685.595 million was lost. The bank also claimed that 97 per cent of the fraud cases were executed by outsiders.
Also, in the statement, internet fraud was worth N203.724 million and N90.017 million was stolen by fraudsters.
Fraudsters also attempted to steal N36.071 million via point-of-sales channels and N8.148 million through mobile banking but only succeeded in carting away N506,000.
The statement also noted that scammers also attempted to steal N86,000 via Automated Teller Machines (ATM) and N27.3 million via web fraud, but were foiled.
Meanwhile, a report by online Newspaper, The Witness quoted financial analysts expressing worries over Wema Bank’s security system, tagging it weak, poor, not up to industry standard or operated by unqualified personnel.
THE WITNESS quoted financial analysts, Bolu Oyedeji as saying thus, “the bank’s high fraud cases in 2023 leave much to be desired and exposed how vulnerable its system is.
“Oyedeji noted that the bank management must wake up and brace up its system, otherwise it will continue to lose investors’ confidence.
“Wema Bank needs to do something urgently to forestall this magnitude of fraud and assure its depositors that their funds are safe.
“The bank must adopt sophisticated cybersecurity measures to mitigate current cyber threats, engage professionals and educate customers on ways to avoid falling prey to fraudulent actors,” he noted.
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