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Bouncing Back: 3 Steps to Recover from Fraud

Victor Odogwu
Published: May 29, 2024

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Fraud is an unfortunate reality that many Nigerians have had to grapple with. From the infamous email scams to the more recent rise in cybercrime and POS scams, fraudsters have found creative ways to separate people from their hard-earned money. If you or someone you know has been a victim of fraud, you are not alone.

According to reports by the Nigerian Communication Commission (NCC), Nigeria loses 500 Million Dollars yearly due to Cyber Crime.


Discovering that you’ve been defrauded can be a gut-wrenching experience, with financial, practical, and emotional consequences. The sense of violation and loss of trust can be overwhelming. However, by taking proactive steps, you can mitigate the impact and begin the process of recovery.


Getting Support After Fraud

The first step in recovering from fraud is to seek support. Reach out to your bank or financial institution and report the incident immediately. Many Nigerian banks have dedicated fraud desks and customer service hotlines to assist victims. Additionally, you can file a complaint with the Economic and Financial Crimes Commission (EFCC) or the Nigeria Police Force.




Recovering Losses

If you have lost money or personal information, or if your accounts have been hacked, take the following steps:

1. Change all your passwords and enable two-factor authentication for extra security.

2. Contact your bank and request to freeze or cancel any compromised accounts.

3. Monitor your accounts closely for any unauthorized activity and report it immediately.


Guarding Against Further Fraud

Once you have taken the necessary steps to secure your accounts and report the incident, remain vigilant against further attempts at fraud. Watch out for suspicious emails, phone calls, or text messages purporting to be from your bank or other trusted institutions. Remember, legitimate organizations will never ask for your personal information or passwords over unsecured channels.


Recovering from fraud can be a lengthy and frustrating process, but with the right support and vigilance, you can regain your financial footing and peace of mind. Stay alert, report any suspicious activity, and do not hesitate to seek help from the appropriate authorities.


The Sterling Security Awareness Hub has more information on fraud.

Visit it here today.

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