Moniepoint User Faces Alleged Unprecedented Security Breach, Losing N9.6 Million to Fraudster

Moniepoint, a leading financial platform, faces an alleged security concern as a user, identified as USMAN BANKOLE OLAJUWON, experienced a significant financial loss due to the theft of his phone on the night of December 27th, 2023.

Despite immediate efforts to block his Moniepoint account using a secondary phone and multiple emails to the bank, there was no response. The perpetrators gained unauthorized access, successfully changing the user’s bank PIN, and systematically transferred the entire balance of 9.6 million Naira from his account.

This alarming incident highlights an alleged critical vulnerability in Moniepoint’s security system, raising concerns about the safety of users’ funds in the event of a stolen phone. It’s essential for users to stay vigilant and take necessary precautions to protect their financial information online. Mr. USMAN promptly visited the Moniepoint office the following morning to file a complaint, but as of now, no action has been taken to rectify the situation.

Reacting to the complaints on X (formerly, Twitter), the digital bank platform, Moniepoint tweeted, “We are in contact with the account owner, and a resolution is ongoing.”