CBN Issues Warning Against Fraudulent ‘Swift’ Messages
The Central Bank of Nigeria (CBN) has issued a public alert regarding the rise in fraudulent claims involving fake ‘Swift’ messages related to foreign currency transfers. The warning follows a surge in complaints from individuals, law firms, government agencies, and businesses alleging that foreign currency transfers to their accounts have not been credited.
In a statement signed by Hakama Sidi Ali, the Acting Director of Corporate Communications, the CBN cautioned the public against the use of counterfeit documents such as SWIFT MT103 and SWIFT acknowledgement (ACK) copies, which are often presented as proof of remittance. The CBN emphasized that these documents are not valid and cannot be traced on the SWIFT platform.
“The funds referenced in these claims have not been received by the beneficiary banks, making their application to the beneficiaries’ accounts impossible,” the statement read. The CBN also clarified that it does not maintain accounts for private business entities or provide correspondent banking services for Nigerian banks in foreign payments. Therefore, any suggestion that funds are “trapped” within the CBN is false and misleading.
The CBN has announced its intention to involve law enforcement to investigate and prosecute individuals who make illegitimate claims. It further advised that instead of escalating the issue to the CBN, the sender should request the sending bank to trace the funds through the formal tracer process.
The bank urged Nigerians to remain vigilant and warned that anyone making false claims would face legal consequences.
