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CBN records 2,051 e-fraud related complaints in 6 months

BY David Oladele

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CBN
Governor, CBN, Godwin Emefiele

Not less than 2,051 frauds, ATM card, electronic transactions and excess charges related complaints were recorded by the Central Bank of Nigeria (CBN) between January and June.

This was disclosed by Haruna Mustafa of Consumer Protection Department of CBN during the 2020 workshop for Finance Correspondents Association of Nigeria (FICAN) in Lagos.

A report by NAN claimed that Mustafa, represented by Abubakar Albasu, consumer protection department.

According to the consumer protection department of the CBN, the bank resolved 1,519 of the complaints and refunded N2, 671,280,409.42 and over 144 million dollars.

He explained further that a lot of fraudulent activities in the banks were being perpetrated by members of the staff.

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

He said: “COVID-19 has indeed brought us into an era of a ‘new normal’ which is continuously affecting the way we do things including banking and other financial services.

“Financial technology (fintech) is no doubt the way forward. However, policy makers, regulators and indeed entities that are interested in consumer welfare must make concerted and coordinated efforts at minimising the risks that fintech pose to consumers.

“We must invest in research to enable more and better understanding of fintech as we strive to promote innovation.”

Mustafa, however, urged various financial institutions to adopt effective consumer protection, saying that the CBN was poised to ensuring a robust consumer protection.

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