Wema Bank Plc has suspended its presence on Telegram after uncovering a growing number of fraudulent accounts impersonating the bank and targeting unsuspecting customers. The decision was announced in a notice sent to customers on Monday, June 29, 2026, warning them not to interact with any Telegram account claiming to represent either Wema Bank or its digital banking platform, ALAT. The move is part of the bank's broader efforts to curb online fraud and protect customers from increasingly sophisticated cybercriminals exploiting social media platforms.
Bank Issues Strong Warning to Customers
According to Wema Bank, recent security checks and routine monitoring revealed a sharp increase in fake Telegram accounts posing as the bank to deceive customers into revealing sensitive information or making fraudulent transactions. To reduce the risk of customers falling victim to these scams, the bank stressed that neither Wema Bank nor ALAT operates an official Telegram account. "Our routine checks and security sweeps have shown a spike in the rate of customers falling victim to scam accounts and fraudsters using fake Telegram accounts," the bank said. "As part of our ongoing efforts to proactively protect your interests, we want to remind you that Wema Bank and ALAT are not on Telegram." The bank urged customers to immediately disregard any Telegram account purporting to represent the institution and to avoid initiating contact via the messaging platform.
Latest Move in Crackdown on Online Fraud
The Telegram suspension follows a similar action taken by Wema Bank earlier in June 2026, when it temporarily halted communication through its X (formerly Twitter) accounts due to rising cases of impersonation and fraud. At the time, customers were advised to refrain from interacting with the bank's "Wema" and "ALAT" accounts on the platform until further notice as security measures were strengthened. These repeated actions highlight the growing challenge financial institutions face in combating digital fraud across social media platforms.
Cybersecurity Concerns Grow Across Banking Sector
Wema Bank's warning comes amid heightened regulatory attention to cybersecurity in Nigeria's financial sector. In March 2026, the Central Bank of Nigeria (CBN) directed banks to complete a mandatory cybersecurity self-assessment within three weeks as part of efforts to strengthen the resilience of the country's financial system. The initiative is aimed at improving risk-based supervision and enhancing oversight of cybersecurity risks across the banking ecosystem. Wema Bank advised customers to communicate with the bank only through its verified Instagram page, official email address, customer service phone lines, and other verified channels, reiterating that it has no presence on Telegram, according to a report by Premium Times. Customers were also urged to remain vigilant and report suspicious accounts or messages to prevent falling victim to online fraud.
