Guaranty Trust Bank (GTBank), one of Nigeria’s leading financial institutions, is facing increasing scrutiny as its website remains inaccessible for the third consecutive day. The sudden disappearance of the website, which began on Wednesday night, has caused widespread concern among the bank’s millions of customers across Nigeria and other African countries.
The confusion started when customers attempting to access the GTBank website, gtbank.com, were met with a blank page or an error message. The website’s inaccessibility followed the recent renewal of the bank’s domain name, which was extended for another five years starting from August 13, 2024, according to online domain trackers. The timing of the renewal, coupled with the prolonged downtime, has led many to suspect that something more sinister may be at play.
Some reports suggested that cybercriminals had created a fake version of the site to deceive customers and steal their sensitive information. This type of cybercrime, known as phishing, involves tricking users into providing personal details, such as login credentials and financial information.
A cybersecurity expert familiar with the Nigerian banking sector weighed in on the situation, suggesting that the issue might involve compromised login credentials rather than the actual theft or sale of the domain name. Despite the website’s inaccessibility, the expert noted that GTBank’s mobile banking apps, available on both Android and iOS platforms, continued to function normally, offering customers an alternative means of accessing their accounts.
However, the lack of communication from the bank, initially, heightened anxiety among its customers. Many have taken to social media to express their frustration and concern, with some fearing that their personal information may have been exposed. As of Thursday evening, GTBank’s official social media channels, including its X.com handle @gtbank, had not issued any updates or explanations for the website’s sudden disappearance.
Late on Thursday, GTBank finally broke its silence, issuing a brief statement to customers via email. The bank acknowledged that there had been an attempt to compromise its website domain but reassured customers that there was no breach of customer data. GTBank clarified that it does not store customer information on its website, effectively dispelling fears that sensitive data had been exposed.
The statement read: “While there was an isolated incident of an attempt to compromise our website domain, we would like to assure all our Customers and Stakeholders that the Bank’s website has not been cloned and that we do not store customer information on our website.
“As such, there has been no instance of compromise of customer data. Our dedicated team of Information Security Experts is currently working round the clock to restore domain settings, and we can assure our customers that our website will be up shortly.”
The bank also urged customers to disregard the rumors circulating in the media and reaffirmed its commitment to safeguarding customer data. However, the statement provided little comfort to customers who rely heavily on the bank’s online services for their daily transactions.
GTBank’s website outage comes at a time when cybersecurity threats are on the rise, particularly in the financial sector. Cybercriminals frequently target banks and other financial institutions, exploiting vulnerabilities to gain unauthorized access to sensitive data. Phishing, in particular, has become a common method used by hackers to deceive users into providing personal information.
In recent years, Nigerian banks have been the target of several high-profile cyberattacks, highlighting the growing threat of cybercrime in the country’s financial sector. In response, many banks have increased their investment in cybersecurity measures, implementing advanced encryption technologies and multi-factor authentication to protect their customers’ data. However, as this incident shows, even the most secure systems can be vulnerable to disruption.
The timing of the website outage is particularly troubling for GTBank, which has built a reputation as one of Nigeria’s most reliable and customer-focused financial institutions and, recently, launched a public offer to raise N400billion.
The bank has consistently ranked high in customer satisfaction surveys and has won numerous awards for its innovative digital banking solutions. However, the prolonged downtime and lack of communication have raised concerns about the bank’s ability to respond to crises effectively.
As of Friday afternoon, the GTBank website remains inaccessible, with no clear timeline for when it will be restored. The bank has assured customers that its mobile banking apps and other digital channels are fully operational, but the prolonged website outage has undoubtedly shaken customer confidence.
