Is nsave Safe?

Fraud is a big problem around the world. Every year, people and businesses lose billions to scammers. If you're in Nigeria and use financial services to send or receive money, locally or internationally, you may already know how risky it can be.

That’s why safety matters. When you’re moving money, especially online, you need to know how to protect yourself from fraud. You also need to know what we at nsave do to keep you and your money safe. This article will break it all down in a simple way.

Understanding Common Types of Financial Fraud

Scammers use many tricks, but the methods are often similar. Here are some of the most common ones that you should be aware of:

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1. Phishing Scams

Phishing typically involves a fraudulent message (it may be an email, SMS, or a social media message) that appears to be from a legitimate source, such as your bank or another trusted service. These messages often include urgent requests to click a link to “update your information,” "verify your account," or "reset your password". Avoid clicking on this link as it will take you to a fake website that might look similar to the original one but will allow the fraudsters to gain access and steal your financial information. Once you enter your details on this website, you give them access to your account. They may even call you to “confirm” what you just entered. It all looks real, but it’s a scam.

2. Identity Theft

Some scammers can collect your personal information, such as your Bank Verification Number (BVN), phone number, or ID card details, through different means like data breaches, phishing, or social engineering. Once they have these details, they use them to pretend to be you. They can open new bank accounts, apply for loans, and carry out other illegal financial transactions under your name. 

3. Investment and Ponzi Schemes

 This is when someone offers you a “sure” investment with quick and high returns. They may share fake success stories in WhatsApp groups or on social media and use them to deceive you. At first, it may seem real because early investors get paid, but it’s with money from new victims. Eventually, the money runs out, and the scammer disappears. An example of this is MMM (Mavrodi Mondial Movement), a ponzi scheme that became popular in Nigeria in 2016 promising up to 30% monthly ROI. It eventually collapsed in early 2017, with Nigerians losing hundreds of millions of naira to the creators. These scammers take advantage of the mutual trust between people to market their platform and deceive unsuspecting investors. 

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4. Account Takeover

 If someone gets into your financial account, they can lock you out, steal your money or use your account to carry out illegal transactions, putting you at legal risk. This can happen if your password is weak or stolen. 

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How to Spot Fraudsters

Scammers can be hard to spot because they often sound confident, use professional language, and appear trustworthy. Some even create fake websites, branding, or reviews to make themselves seem real. But there are warning signs to watch out for.

One of the signs to look out for is pressure. Most fraudsters apply pressure on you to get you to act quickly without taking the time to think. For example, they may say your account will be closed in 24 hours unless you respond. They’re adding a sense of urgency to get you to panic and not think carefully. The reality is, genuine organisations don’t use threats or try to pressure you into acting on your account. Another red flag is when someone asks for private information, like your password or full card details, especially through email or a message. No trustworthy financial service will ever ask for these details. If someone does, it's a clear red flag.

Fraudsters also use emotional tricks to try and earn your trust.They may act friendly, say they’re in trouble, or try to make you feel special. They can tap into emotions like fear, urgency, or empathy to make you act without thinking properly. If someone makes you feel stressed, scared, or flattered while talking about money, you should stop and think before responding. It’s also suspicious if they avoid phone or video calls, or only send messages with bad grammar or spelling. These are signs that something might be wrong.

Lastly, look out for small changes in names, websites, or email addresses. A scammer might copy a company’s logo but use a slightly different web address or handle on social media. Always double-check links and email senders. If something feels off, it probably is. Taking a moment to pause and think could save you from falling into a scam.

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Steps You Can Take to Stay Safe

Although using technology correctly can protect you from falling into the hands of scammers, the best way to ensure you’re safe is to take matters into your own hands. Here are simple steps you can take:

1. Use Strong Passwords

Avoid using your name, birth date, or simple sequences like "123456" that fraudsters can guess easily. Instead, you should use a strong password, which should include a mix of capital letters, small letters, symbols and numbers. Also, don’t use one password for all your accounts, so that if one password is compromised, other accounts will still be safe. So, create different passwords for different accounts. You can use a password manager to save these passwords. 

2. Turn on Two-Factor Authentication (2FA)

Always use 2FA on all your financial and email accounts. This adds an extra layer of protection to your account by requesting a second form of verification, like an OTP or biometric verification, before logging in. This ensures that even if someone gets your password, they cannot log in without going through the second verification step.

3. Be Careful With Messages

If you get a message from someone claiming to be from nsave and you're not sure, don’t reply. Instead, contact us directly through our verified channels.

4. Check Links and Email Addresses Carefully Before Clicking

Before clicking on any links, inspect the URL first. Make sure the website is secure (the link starts with "https") and that it isthe official website. Watch out for small differences in spelling and design. Don’t enter any sensitive information on unfamiliar websites. 

5. Monitor Your Accounts Regularly

Monitor your accounts regularly. You can set up alerts to get updates on every transaction. This way, you’ll easily notice if anything unusual happens on your account. You should also try to review your transactions weekly or check your transaction history frequently to spot any suspicious activity early. The earlier you notice, the quicker you can act.

6. Avoid oversharing on social media

You should avoid sharing too much on social media as scammers can use the personal information you post, like your birthday, address, or travel plans, to guess passwords or impersonate you.

How nsave Keeps You Safe

At nsave, we are committed to providing not just convenience but also security. Every feature, process, and interaction is designed with your safety in mind. We use world-class encryption and smart fraud detection systems that monitor activity in real-time. If any irregular behaviour is detected, such as multiple failed logins or transactions from unusual locations, our systems flag and investigate it immediately.

We also provide protective features, like biometric logins and two-factor authentication, to give you more control over account access. In addition, we continuously monitor fraud trends and adapt our technology to stay ahead of new threats.

Sometimes, to protect you and the wider nsave community, we may freeze or close an account. We understand this can be frustrating, but these decisions are never made lightly. Every account restriction is done with one clear reason: to safeguard our users.

We do not freeze or close accounts without a valid reason. These actions are taken only when we detect suspicious behaviour that could indicate fraud or unauthorised activity, such as multiple users on an nsave account or other prohibited activities, such as peer-to-peer cryptocurrency transactions. 

Whenever action is taken on an account, we work to communicate clearly and promptly with the user. Our goal is not to disrupt your financial life, but to maintain a safe environment for all. Rest assured that any restriction is part of our larger commitment to integrity, compliance, and transparency.

You can read more about our approach to account closures and safety in our help centre article: Understanding why your nsaveaccount might be closed.

Conclusion

Fraud exists everywhere, but by staying informed and alert, you can reduce your risk. The more you know about how scams work, the better protected you’ll be. Stay vigilant, trust your instincts, and don't hesitate to verify suspicious activity.

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