CBN mandates banks to set up fraud desk

CBN mandates banks to set up fraud desk

Due to the high level of fraud cases within the banking sector, the Central Bank of Nigeria (CBN) have issued a directive to all financial institutions about incorporating a fraud desk in their systems.

This information was based on a series of tweets by a social media user.

According to him, when such issues occur, people should be proactive. Individuals should take it upon themselves to forward a complaint to their respective banks.

He added that when such complaints have been made, the bank would still be able to reverse such transactions; regardless of whether the thief has withdrawn money from the account.

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“You can get your money back from online fraudsters (If you can follow through). CBN has now mandated all banks to open a fraud desk to handle cases.

“The bank will investigate, prosecute and reverse such dubious transactions even though the scammer has withdrawn the money,” he said.

Meanwhile, the CBN has also taken steps towards ensuring that complaints are tracked and resolved. CBN has developed a Consumer Complaints Management System (CCMS) on which banks must upload complaints on a daily basis.

The apex bank in a circular issued to all banks and other financial institutions directed that they assign tracking number for every complaint received from their customers.

CBN also directed that banks and other financial institutions issue an acknowledgement, which shall contain the assigned tracking number, to the customer; and commence upload of complaints to the CCMS on a daily basis.

The apex bank said the directive was in furtherance of its mandate to “promote a stable financial system embarked on the development of the Consumer Complaints Management System (CCMS), an automated system aimed at easing complaints management to engender public confidence in the financial system.

“Please note that non-compliance with this circular shall attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.”


Mayowa Oladeji

A writer with a keen interest in human stories and topical issues around the world.
Mayowa Oladeji

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  1. habeeb

    have you ever tried the CBN website to make a complaint? The website itself is a fraud. Messages either bounce back or are never acknowledged

  2. Michael Kunayon Taiwo

    I have only have the screenshots of a transaction I made early this year with the bearer of the account promising she can render a help to me and afterwards failed after I’ve already transfered the agreed amount of money needed for the deal. Calls upon calls and messages upon messages, none is responded to.
    Can I still still get the money back? If yes, please I would appreciate some assistance. Thanks in advance


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