CBN receives 2,051 fraud-related complaints in 6 months | The Guardian Nigeria News



The Central Bank of Nigeria (CBN) has received 2,051 frauds, ATM card, electronic transactions and excess charges related complaints from bank customers between January and June.

Mr Haruna Mustafa of Consumer Protection Department of CBN said this at the 2020 workshop for Finance Correspondents Association of Nigeria (FICAN) in Lagos.

Mustafa, represented by Mr Abubakar Albasu, consumer protection department, said the bank resolved 1,519 of the complaints and refunded N2, 671,280,409.42 and over 144 million dollars.

He said that a lot of fraudulent activities in the banks were being perpetrated by employees (insiders).

Mustafa, however, said that the first stage in the prevention of fraud in banks was to ensure a robust staff recruitment screening process.

He called for the development of a definitive fraud policy to deter mistakes that could lead to employees unwittingly aiding in fraud as well as a well-designed, implemented and communicated fraud prevention strategies.


Source: Guardian Newspaper