News Top Stories

CBN refunds $144m, N2.67bn to banks’ customers

…receives 2,051 fraud-related complaints in 6 months

 

 

 

 

N o fewer than 2,051 frauds, ATM card, electronic transactions and excess charges related complaints have been received by the Central Bank of Nigeria (CBN) from bank customers between January and June.

 

The apex bank resolved 1,519 of the complaints and refunded N2,671,280,409.42 and over $144 million. 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, 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 commu-nicated fraud prevention strategies.

 

He said that low financial literacy level was a challenge to effective consumer protection. “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 minimizing 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,” he explained.

 

Mustafa appealed to various financial institutions to adopt effective consumer protection, noting that the CBN was poised to ensuring a robust consumer protection.

 

NDIC Director of Communication and Public Affairs Department, Mr. Bashir Nuhu, urged banks to properly screen their employees to be sure of their identity before employment.

SHOCKING LIFE STORY!!!

Abuja Man reveals (FREE) secret Fruits that Increased his Manh00d size and Lasting Power in 5days…

CLICK HERE TO GET IT!!!

%d bloggers like this:
Fake Richard Mille Replica Watches, www.richardmille.to The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica