In apparent reflection of the rising incidence of electronic payment fraud, a fraudster withdrew N1.9 million from the bank account of a customer through ATM in one week.
This was disclosed by Tam Tamunokonbia, Head,
He said in addition to this are: Illegal bank charges as against the minimum re-discount rate; Non-disclosure of terms and conditions by Banks and financial service providers; Mobile Payment Systems - online trading and Improper cheque verification.
Citing example of these complaints, he said, "A lady's N1.9 million withdrawn in one week without alert - case in
He said the general responses of banks to complaints against ATM fraud are: "Customer compromised PIN numbers. Camera footage could not be generated.We are investigating and will get back." On complaints of excess bank charges,he said banks' responses are: The customer signed an agreement; The customer was given the form; It is an error etc."
Consequently,Tamunokonbia advised that: "Banks should respect the customer's rights to disclosure; Banks should provide written terms and conditions in simple language and legible words; Charges and fees should be made known to customers before opening their accounts - no hidden charges; change in terms and conditions should be adequately disclosed to customers - prior notice; Statement of Accounts to be provided to customers at regular intervals; applicable interest rates, how it is calculated and when to apply the rates should be made known to consumers; terms and conditions to be in line with prevailing laws; avoid Council's summons and prosecution - Section 12, 18 and 21 of the CPC Act, CAP C25, Laws of the
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