Due Diligence: Your #1 Weapon Against Scammers

Quick Links:

• A Familiar Scenario
• What is Due Diligence?
• Does Time Truly Run Out?
• How To Use Due Diligence To Defeat Scammers
• Frequently Asked Questions

A Familiar Scenario

Here's an anonymous scam sting submitted to our scam awareness Tell Your Story portal:

This happened to me in late November 2025.

For long I couldn't tell anyone about it, because it hurt so much, but now I think I can talk about it.

I can now tell myself the truth because if I had been careful I would not have been duped.

This is what happened.

I received this alert claiming to be from my bank and at a glance it all looked genuine:

"Someone just tried to sneak into your account. Click this link to get help to save your funds. Time is running out, they may succeed next time."

Thinking it was legitimate, I panicked and clicked the link.

Next thing I knew I found myself on a site where I was asked to confirm my bank details.

I complied because I thought I was protecting my account.

I didn't know I was instead giving it away.

About an hour later I started receiving debit alerts on my phone.

I called the number they gave me to report it but it wasn't going through.

I found later the phone number was fake.

By the time I was able to visit my bank branch it was too late. My money was already gone.

I have learnt the hard way. My luck was that I didn't have a lot of money in that particular account.

I am telling my story so that others will not fall into this trap.

You have to carry out due diligence, investigate if the message is legitimate or fake before you comply.

That's what I failed to do...'

            - Anonymous Contributor.

What Is Due Diligence?

As the story from our anonymous contributor reveals, due diligence  suggests finding out if something is from a legitimate source or not.

It means making sure harm doesn't come to you or your assets, by taking proper care and investigating issues before you act on them.

For example, if you get a message asking you to confirm your password and you quickly obey without finding out if it's fake, it means you didn't carry out any due diligence before reacting.

Let's be frank.

It's not just about knowing if it's real or not.

It's about security of your identity, money, and freedom.

All of these can be compromised and land you in serious trouble if you ignore due diligence.

While you are sleeping some scammer may be stealing your money, or committing crime in your name, or using your account to buy things at your own expense.

At the level of official business - companies, offices, trading shops - we are talking about

conducting a comprehensive investigation, audit, or review  before you commit to any  business transaction, investment, or legal agreement.

Whether it involves businesses or individuals, what are you trying to do?

Simply put, your primary purpose is to confirm that all material facts are accurate, evaluate potential risks, and ensure that you make safe scam-proof decisions at all times.

Where does it begin, and where does it end?

Due Diligence questions several aspects of an issue to prove whether it's trustworthy or not.

For example, it queries its legal and regulatory source, financial authority, commercial environment, and operational values.

All of these together form the yardstick  which determine whether an environment is safe for you or not to commit to an activity, proposal, or request.

Does Time Truly Run Out?

If it's genuine, it hardly does so in the sense a scammer paints it.

If you are implying deadlines, it's not the same thing, because they don't spring out of a vacuum the way scam "limited time" does.

Deadlines are products of a transparent arrangement which all participants expect and subscribe to, and it follows well-established and recognized official procedures.

Deadlines don't spring surprises, but "time is running out" does.

Deadlines are not threats but procedural advices and cautions, but scammer's "time is running out" threatens you with imminent loss.

The bottom line is that while one may lose an opportunity by missing legitimate deadlines, true time does not "run out" in the way or manner a scammer projects it.

You should therefore suspect every alert that screams time limitations and investigate it extensively  before you comply with them.

If you don't, you may walk into a scam trap you won't be able to get out of unhurt.

How To Use Due Diligence To Defeat Scammers

1. Avoid Hasty Response:

In all cases having to do with scam, haste is the number one cause of loss.

Haste is a scammer's first weapon to reel you in like a fish that's caught in a hook.

Therefore you should never respond to requests in a hurry.

Always think things through. Hold on tight, be patient.

Look before you leap.

2. Know your customer (KYC):

Don't take strangers for granted.

Know who you are dealing with.

If somebody you don't recognize messages you, find out who they are.

If you think you know them, reconnect with them through a number or email you already trust.

Whichever situation applies, before you commit yourself to any deal, run their names through Google search with space separating each word,  like this:

John Ife scam.

Ahmed Musa scam.

See what comes up and act wisely.

3. Pay Close Attention To Details:

Read the details carefully.

Check every aspect of the message closely.

Look for errors in grammar, letterhead, etc.

Some examples are:

support@ekobanc.com instead of support@ekobank.com

Is the letterhead blurred?

Is CAC number present and correct?

4. Verify Message Source:

Where did the alert originate?

Is it from a reliable and genuine source?

Find out.

Ignore whatever addresses or phone numbers you see on the message.

Get the correct numbers through Google or on the official website of your financial institution.

Call and ask them if the message or alert is from them. Send screenshots to them.

5. Know What Banks/Agencies Will Ask & Follow Official Procedures:

If you’re not familiar with  official customer service policies, or are simply unsure, seek awareness concerning the following:

• how do financial institutions seek for information?

• will they ask you for details like password, pin, NIN, BVN, Social Security Number, etc, through calls?

• will financial institutions or government agencies  engage you over the phone to resolve official problems or invite you to physically visit theirs office for that purpose?

If you know all these, it helps you to determine when a message is very much unlikely to be genuine and this knowledge limits your risk of getting scammed.

It means you will understand how to respond to "time limited" notifications and how best to investigate them. 

6. Consult A Thrustworthy  Third Party

Talk to someone else about it.

Seek professional advice from qualified persons.

They can assist you to see what your eyes missed and save you from falling into hidden traps.

7. Validate Payment Methods:

Finally, you should investigate any payment method the message or request specifies.

For insurance, they are likely scammers if they ask you to send money or pay through these means: Crypto / USDT, Gift cards / voucher codes,

recharge card, etc.

Believe me, real organisations and  clients won't ask you to do that, but will instead ask you to pay normally through proper channels like direct bank transfer, POS, or ATM/debit card payment.

Conclusion

In a world where scammers are daily getting smarter, due diligence is no longer optional but mandatory. It is your best means to separate real opportunities from traps. 

So, always confirm payments in your own bank app, reject unusual payment requests like recharge cards, and stick to paying through trusted channels. 

Also remember that  legitimate organizations will never pressure you or ask you to bypass normal payment processes, so you should stay alert, verify everything first, and transact with confidence.

Frequently Asked Questions

1. What is the #1 cause of scam losses?

Haste. Scammers pressure you to act fast so you don’t think. To be safe, always pause, read carefully, and don’t rush any deal.

2. How do I know if a customer or sender is real?

Do a quick KYC check. Google their name + "scam" e.g. John Ife scam. Reconnect with them through a number or email you already trust, not the one they just sent.

3. What details should I check in a suspicious message?

Check for grammar errors, fake email addresses like support@ekobanc.com instead of support@ekobank.com, blurry letterheads, and missing or fake CAC numbers.

4. How do I verify if a bank alert or message is real?

Don’t use the number or link in the message. Go to the official bank website or Google the customer care line. Call them and send screenshots to confirm.

5. Will banks or government agencies ask for my PIN, BVN, or password on call?

No. Legit banks and government agencies will never ask for your PIN, password, BVN, NIN, or OTP over phone, SMS, or email. They may also ask you to visit their office instead.

6. Who should I talk to if I’m unsure about a deal?

Consult a trusted third party. Talk to a friend, colleague, or professional. A second opinion can help you spot red flags you missed.

7. What payment methods do scammers usually ask for?

Scammers often ask for crypto/USDT, gift cards, voucher codes, or recharge cards. 

Real organizations and clients use proper channels like direct bank transfer, POS, or ATM/debit card payment.