How To Protect Your Money From Fraudsters, Scammers – CBN

The Central Bank of Nigeria (CBN) on Tuesday educated Nigerians particularly the younger ones on how to protect their money from the activities of fraudsters, scammers and other criminals.

The Deputy Governor in charge of Financial System Stability (FSS), Mr. Philip Ikeazor, in a message at the 2024 Global Money Week (GMW) celebration in Abuja, said that children should be educated on how criminals dupe unsuspecting members of the public of their hard-earned money.

Ikeazor who was represented at the event by the Acting Director of the Consumer Protection Department of the apex bank, Mr. Nuhu Othniel said the theme of the 2024 GMW is: “Protect your Money, Secure your Future,” a theme apparently borne from the activities of scammers in Nigeria

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He disclosed that the Global Money Week program which started in 2012 is aimed at raising awareness amongst children and youths to enable them learn how to make sound financial decisions, become financially resilient and consequently, enhance their future financial wellbeing.

According to him, the theme of this year’s edition is very apt as it “captures the importance of learning, from an early age, to always think about your future when making financial decisions and plan accordingly”.

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The Deputy Governor said, “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.

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“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.

“From its commencement in 2012, the GMW has attracted participation from 176 countries and 63 organisations across the globe, with Nigeria being a part of this global movement since 2013. To commemorate this year’s GMW, we have lined up a host of exciting activities and programmes, which we hope you have enjoyed, whilst at the same time creating the desired awareness amongst participants. School mentoring is one of such programmes lined up to celebrate the 2024 edition,” he said of the need to protect themselves from scammers within and outside Nigeria.

Mr. Othniel disclosed that as part of this year’s celebrations, children in secondary schools from the six geopolitical zones, the FCT and Lagos would participate in trips to the Nigerian Exchange Group, Lagos, the CBN’s currency museum, Abuja, the Financial Literacy Fair at the CBN Head Office Abuja, and the School Mentoring Programme across the six geopolitical zones, Lagos and Abuja.

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