Media Literacy Key to Combating Financial Fraud

Nigerians have been urged to embrace media literacy as a critical tool in combating financial fraud and protecting themselves against the rising wave of digital scams.

The Editor, Abia Newspapers and Publishing Corporation (ANPC), Umuahia, publishers of National Ambassador Newspapers and Magazines, Deacon Chukwuemeka Egejuru, anipr, gave the charge while delivering a lecture titled “Media, Public Vigilance and Retirement Security” at a community sensitisation programme organised by the NYSC Financial Inclusion Community Development Service (CDS) Group in Umuahia, Abia State.

Egejuru, a cybersecurity expert, said the ability to critically assess, verify and interpret information is essential in preventing financial losses in the digital age.

The Communication Strategist, who commended the President, Financial Inclusion CDS, Adegbola Odunayo Isaac for the public awareness, explained that financial literacy goes beyond owning bank accounts or using digital platforms, stressing that it involves understanding how to earn, save, invest, protect and grow wealth responsibly.

He described the programme themed “Building a Financially Resilient Community” as timely, noting that fraudsters now deploy sophisticated methods, including fake investment platforms, phishing links, cloned social media accounts and deceptive calls, to defraud unsuspecting victims.

The journalist urged Nigerians to verify information before believing or sharing it, especially financial messages, grant announcements and investment opportunities circulated online.

He advised members of the public to confirm such information through official channels and credible media organisations, while urging them to report suspicious financial activities to banks, law enforcement agencies and relevant anti-graft bodies.

Egejuru warned against scams such as advance fee fraud (419), fake bank alerts, fraudulent loan offers, fake charity appeals, ATM card swapping, QR code manipulation and One-Time Password (OTP) theft.

Citing the collapse of MBA Forex, CBEX Cryptocurrency and the NRC Read-and-Earn platform, he cautioned Nigerians against investment schemes that promise unrealistic returns, demand upfront payments or rely on recruitment of new members.

He also warned against sharing sensitive banking details, including PINs, passwords, OTPs, BVNs and NINs, noting that legitimate financial institutions do not request such information through calls, SMS or social media.

On retirement planning, Egejuru urged Nigerians to begin preparing from their first income source, encouraging savings, wise investments, emergency funds, monitoring of Retirement Savings Accounts (RSAs) and participation in credible cooperative societies.

He stressed that retirement security is important for everyone, including civil servants, farmers, traders, artisans, entrepreneurs, professionals and students.

Egejuru advised Nigerians to verify investment opportunities with the Securities and Exchange Commission (SEC) before committing funds and reminded them that genuine government grants do not require payment before approval.

He maintained that financial resilience depends on informed decisions, not just income level.

“Every naira you protect from fraud is money earned. Every naira you save today is an investment in your future. Financial resilience begins with informed decisions,” he said.

In her vote of thanks, the Vice President of the Financial Inclusion Community Development Service (CDS) Group, Sule Sadiat Sani, commended Deacon Egejuru for his insightful lecture and contribution to the success of the group’s community sensitisation programme.

She further appreciated his commitment to promoting Media literacy and building a financially resilient community, while praying that Almighty God continues to bless and strengthen him for his positive impact on society.