How to protect your money from fraudsters — CBN

The Central Bank of Nigeria (CBN) has urged the Nigerian public to educate themselves and their children on the activities of fraudsters and scammers, as a means of protecting their money from such criminals.

Philip Ikeazor, the Deputy Governor in charge of Financial System Stability (FSS), in a message at the 2024 Global Money Week (GMW) celebration, in Abuja, this afternoon, said that children should be educated on how criminals dupe unsuspecting members of the public of their hard-earned money and that people should take every necessary step to protect their money from fraudsters.

According to him, “The theme for this year’s edition is ‘Protect your Money, Secure your Future’, and it captures the importance of learning, from an early age, to always think about your future when making financial decisions and plan accordingly.

“It emphasizes the importance of not only making money, but understanding frauds and scams, saving, and investing for your future. Equipped with such skills at this young age will enable you achieve financial independence and a financially secure future

“Truth be told, having an income, and making a substantial amount of money does not guarantee financial security. What is important is your ability to develop and hone skills and attitudes to manage your financial resources to have a secure future.

“In addition to this, it is vital to know the types of frauds and scams, how to respond to scammers, and various ways to protect your money online and offline.

“This also implies knowing how to report to a bank if you do have an encounter with scammers or fraudsters. In essence, the financial decisions you make today and the education you acquire today have a huge impact on your future.

“Therefore, when you learn these skills at a young age and with consistent practice, you will have a brighter future. So, be smart about your money while you are still young; save, budget and become educated.