Ecobank warns customers of SIM card fraud increase

Ecobank has raised alarm on the dangers of SIM swap fraud, stressing that fraudsters could use it to impersonate them.

In a message to customers via email, the bank explained that SIM swap fraud occurs when scammers use your phone number to access your accounts.

According to the bank, “Scammers impersonate you and trick your mobile phone’s carrier into activating a SIM card, which gives them control over your phone number. It means scammers could potentially enter your username and password when logging onto your online banking platform and then receive the SMS verification code to access your account.“

Protect yourself against SIM swaps, and don’t share personal information that fraudsters could use to impersonate you (such as your mother’s maiden name or birthplace) on social media.

Never reveal your logins and passwords for your mobile phone, online bank, or credit card accounts to anyone. Please always report any suspicious activity”.

Further, the Pan African bank reminded the customers that the bank will not ask them to provide their personal or financial information, stressing that when they receive an email that includes a link to a website, they should ensure that the website is legitimate before visiting the site.

Ecobank further urged customers not to respond to emails, SMS, and unsolicited calls from people they don’t know asking for their personal or banking information.

Q2’2023 Financials:

Ecobank Group’s 2023 second-quarter results showed a 63% increase in pre-tax profits to N92.52 billion.

Interest Income for the quarter was N238.67 billion compared to N161.09 billion in the corresponding quarter of 2022.

Fees and Commission Income gained 25% to N71.01 billion from N56.73 billion recorded in the same period last year.

Other Operating Income increased significantly by 262% to N13.07 billion from N3.61 billion reported last year.

Pre-tax profit for the quarter increased to N92.52 billion from N56.89 billion profit in Q2 2022.

Impairment charges on loans and advances declined by 34% to N17.93 billion from N27.02 billion

Loans and advances to customers increased by 58% to N8.03 trillion.

Deposits from customers for the half year ended 30th June 2023 increased to N14.71 trillion as against N9.60 trillion recorded as of 31st December 2022

Commenting on the half-year financial statement, the CEO of Ecobank Group, Jeremy Awori said:

“Our results for the first six months of 2023 demonstrate the benefits of our diversified business model, resilient balance sheet, and our commitment to serving our customers.

Profits before tax increased by 18% to $308 million and by 67% if you exclude foreign currency translation effects.  

Net revenues were up 14% to $1,037 million, or 38% in constant currency, and we delivered a return on tangible equity of 27%.

We achieved these results despite continued challenging macroeconomic conditions in the second quarter, with significant weaknesses in African currencies, high consumer prices, and tepid economic growth.”  

“We have made meaningful progress in formulating our strategic roadmap, which will provide the blueprint for our Growth, Transformation, and Returns agenda.
Over the last few months, as I engaged with our customers, colleague Ecobankers, and other stakeholders, my confidence in our growth opportunities has been reaffirmed..
We see opportunities to build stronger and better customer relationships in our businesses, forge strategic partnerships, and be the go-to Payment bank, leveraging our superior platforms.” 

“In addition, we will take forward our transformation and growth agenda for our corporate, commercial, and consumer banking businesses.

Notably, achieving our goals will require even more discipline in execution, proactive risk management, and focus on delivering for our customers.

Furthermore, the prudent management of our balance sheet and capital remains a priority. We will also continue investing in our best-in-class technology, retaining and attracting talent while reinforcing the right culture.”