Fraud is no longer a rare occurrence it’s a growing risk every digital banking user should understand. With the recent guidelines from the Central Bank of Nigeria, there’s now a clear, regulated process banks must follow when a customer reports fraud. Knowing your rights and the deadlines helps ensure you’re protected.
Key Timelines Banks Must Follow
Under the new CBN directives for handling fraud including Authorized Push Payment (APP) fraud and other electronic fraud cases the process works like this:
- Customers should report suspected fraud within 72 hours of discovering it (some rules require 24 hours; however, a 48-hour grace period may apply in appropriate circumstances).
- Bank Acknowledgment: Once you submit the report, the bank must react within 24 hours, providing a unique reference number and beginning the investigation.
- Inquiry Period: The bank has up to 14 working days to complete a full inquiry.
- Reimbursement: If the inquiry proves to be fraudulent and you are eligible, you will receive a refund within 48 hours.
- Cases involving multiple banks or financial institutions must be resolved and reimbursement agreed upon within 16 working days.
- These timetables mark a clear shift toward faster, more accountable fraud resolution, helping to restore trust in digital banking.
When You Qualify for a Refund
According to the guidelines:
You reported the fraud within the required period (72 hours or with a valid justification for delay).
You did not act negligently (e.g, giving away PIN/OTP, authorizing suspicious transfers) or collude in the fraud.
You cooperate fully with the investigation (provide transaction details, beneficiary info, evidence as required).
Failing any of these conditions may make your case ineligible, but that doesn’t mean you don’t have rights to appeal or seek further redress
What If the Bank Doesn’t Follow the Rules?
- If a bank fails to acknowledge your complaint within 24 hours, or delays investigation beyond 14 working days without a valid reason, they may be subject to regulatory sanctions under CBN’s consumer-protection framework.
- Customers can report unresolved or unsatisfactorily resolved cases to the CBN’s Consumer Protection and Financial Inclusion Department (CPD).
- Keep all communication, reference numbers, and evidence that are needed for your report or further legal action.
What You Should Do Immediately If You Suspect Fraud
- Check your transaction history as soon as you notice something strange.
- Report the incident to your bank immediately via their official channel (app, USSD, hotline, or branch).
- Note the complaint reference number the bank gives you.
- Cooperate fully with their investigation. Provide all relevant details (date, amount, recipient, screenshots, proof).
- Follow up periodically. If no resolution in 14 days, report to the CBN consumer protection department.
- Continue monitoring your account for unusual activity.
Why These Rules Matter
With the rise of electronic banking, USSD transfers, and fintech platforms, incidents of scams and social-engineering fraud (like APP fraud) have surged nationwide. The new CBN guidelines aim to…
- Reduce delays in fraud resolution
- Hold banks accountable for weak fraud-detection systems
- Encourage responsible banking practices
- Protect innocent customers from losses
- For consumers, it means stronger protection and clearer expectations. For banks, stricter oversight and higher compliance standards.
FINAL WORD
Bank fraud can happen even to vigilant people. But with clear rules and your awareness, you can stack the odds in your favor.
Know the timelines. Report quickly. Cooperate fully.
Remember Fraud robs our future
Stay alert. Stay protected.
Awareness should be created through physical posters displayed in banks and other relevant institutions where customers can easily see them. The Central Bank of Nigeria (CBN) should also begin publicly reporting and imposing sanctions on banks that fail to comply with the required regulations.