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Nigeria Banks, A Conduit For Fraud - Crime - Nairaland

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Nigeria Banks, A Conduit For Fraud by xelly: 12:24pm On Jul 10, 2021
The quest for Bank Verification Number is to identify individual account owners and this is in effect as we speak. It is mandatory to have Bank Verification Number (BVN) to maintain account with any Bank in Nigeria.

This is to check fraudulent transactions and track offenders.

The questions are:
Has this reduced fraud?

Can one sleep with both eyes closed hoping to have his money secured in the bank?


Whenever there is case of unauthorised withdrawal from an account, the bank will do all to exonerate itself from that leaving the customer at a cross road even when it is a transfer to another account.

We are told that the maximum withdrawal using ATM per day is N150000 for master card but how one can exceed this limit per day has become one of the wonders of the earth.

This is a true story of someone that lost over N800000 between Saturday to Monday and the bank is feeling reluctant in helping her.


Another way Bank is defrauding customers is through ATM and POS.

Have you noticed that banks refuse to load money in the ATM worst at the weekend? This is to enable banks make more profit through POS operators.

CBN should as a matter of urgency intervene on this as this extortion is too much.
Re: Nigeria Banks, A Conduit For Fraud by litigator(m): 7:08pm On Jul 10, 2021
xelly:
The quest for Bank Verification Number is to identify individual account owners and this is in effect as we speak. It is mandatory to have Bank Verification Number (BVN) to maintain account with any Bank in Nigeria.

This is to check fraudulent transactions and track offenders.

The questions are:
Has this reduced fraud?

Can one sleep with both eyes closed hoping to have his money secured in the bank?


Whenever there is case of unauthorised withdrawal from an account, the bank will do all to exonerate itself from that leaving the customer at a cross road even when it is a transfer to another account.

We are told that the maximum withdrawal using ATM per day is N150000 for master card but how one can exceed this limit per day has become one of the wonders of the earth.

This is a true story of someone that lost over N800000 between Saturday to Monday and the bank is feeling reluctant in helping her.


Another way Bank is defrauding customers is through ATM and POS.

Have you noticed that banks refuse to load money in the ATM worst at the weekend? This is to enable banks make more profit through POS operators.

CBN should as a matter of urgency intervene on this as this extortion is too much.


He should get a lawyer. The bank has a lot of explanation to do, and so is the victim.

We just concluded a case on a similar thing and the bank manager almost lost his job. The bank returned the money with the cost of action.

But while you are quick to hold the bank responsible, you should also check yourself if you took steps that compromised your account.

There are some situations I will blame the bank and there are some other instances it becomes crystal clear that the victim enabled the fraud on his/her account.

Tell us exactly what happened.
Re: Nigeria Banks, A Conduit For Fraud by Jostoman: 7:22pm On Jul 10, 2021
The dubious 6:98kobo network charges they are removing on every transaction we do now is what i don't understand, we don't even know who is rubbing us between bank or this wicked government.
Re: Nigeria Banks, A Conduit For Fraud by xelly: 7:56pm On Jul 10, 2021
litigator:



He should get a lawyer. The bank has a lot of explanation to do, and so is the victim.

We just concluded a case on a similar thing and the bank manager almost lost his job. The bank returned the money with the cost of action.

But while you are quick to hold the bank responsible, you should also check yourself if you took steps that compromised your account.

There are some situations I will blame the bank and there are some other instances it becomes crystal clear that the victim enabled the fraud on his/her account.

Tell us exactly what happened.

Account not mine. A retiree was lamenting that her life saving got withdrawn. Hearing such and listening to her explanations left me mute as I thought such would have been an easy thing for the bank to handle.

If there is such complaint as to money transferred to another account, I think it is easier for the originating bank to notify the destination bank to flag the account against any withdrawal or transaction.

Kindly share your experience on how yours was handled.
Re: Nigeria Banks, A Conduit For Fraud by litigator(m): 8:18pm On Jul 10, 2021
xelly:


Account, not mine. A retiree was lamenting that her life saving got withdrawn. Hearing such and listening to her explanations left me mute as I thought such would have been an easy thing for the bank to handle.

If there is such complaint as to money transferred to another account, I think it is easier for the originating bank to notify the destination bank to flag the account against any withdrawal or transaction.

Kindly share your experience on how yours was handled.



Yes! Of course. The bank has a duty to ensure fraud is not perpetuated on its customers. But if the account holder unknowingly authorised or allow the transaction, there is little or nothing the bank can do. Except, the account holder invokes her equitable rights.

But whether or not the bank breached her equitable right is for a competent court to decide, as the bank will often deny culpability.

I have never experienced such stuff cos I know how to protect my bank account.

My experience stems from defending the banks when sued. Though, I believed I have switched sides. I now fight more on the side of the victims for banks I do not have business with.

I am a litigitor and an e-fraud specialist. Nice to meet you.

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