CBN receives 2,051 fraud-related complaints

CBN receives 2,051 fraud-related complaints

The Central Bank of Nigeria (CBN) has received 2,051 frauds, ATM cards, electronic transactions, and excess charges related complaints from bank customers between January and June.
Haruna Mustafa of the Consumer Protection Department of CBN said this at the 2020 workshop for the Finance Correspondents Association of Nigeria (FICAN) in Lagos.

Mustafa, represented by 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).
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 well-designed, implemented, and communicated fraud prevention strategies.

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