In a troubling incident highlighting potential vulnerabilities in Nigeria's banking security, Lagos resident Kayode Adeyokun reported the unauthorized withdrawal of ₦519,969 from his First Bank account. The incident occurred on August 26, 2024, after his expired debit card was rejected by a First Bank ATM in Sabo, Ikorodu. Despite immediate alerts and multiple follow-ups, Adeyokun has yet to receive a satisfactory resolution from the bank, even eight months later.
Sequence of Events
According to Adeyokun, he attempted to withdraw cash using his debit card, which was unexpectedly ejected by the ATM with a message indicating the card had expired. Shortly after leaving the bank premises, he received multiple debit alerts totaling ₦519,969, all labeled as "ONLINE PAYMENT CARBON." These transactions occurred despite the card's expired status and its rejection by the ATM moments earlier.
Bank's Response
Adeyokun promptly reported the unauthorized transactions to First Bank, seeking a thorough investigation and reversal of the debits. However, he claims that bank officials suggested he might have compromised his card details, a claim he firmly denies. In response to inquiries, a First Bank representative stated that the complaint was reviewed and declined by the merchant and their bank as successful on their terminal, advising Adeyokun to visit the nearest branch with a decline receipt for further engagement.
Broader Context
This incident is not isolated. In November 2024, another Lagos resident reported losing ₦1.2 million after his ATM card got stuck in a First Bank machine, with funds disappearing from his account within minutes. Additionally, in December 2024, reports emerged of First Bank losing ₦7 billion to a fraud incident involving unauthorized diversions from customer accounts, highlighting systemic issues within the bank's security infrastructure.
Regulatory Warnings
The Economic and Financial Crimes Commission (EFCC) has issued warnings about increasing ATM and debit card frauds in Nigeria. Fraudsters often employ tactics like card swapping and unauthorized withdrawals, exploiting lapses in security protocols. The EFCC advises customers to remain vigilant, regularly monitor account activities, and promptly report any suspicious transactions.
Customer Recourse and Recommendations
Customers facing similar issues are advised to:
Immediately report unauthorized transactions to their bank.
Request a written acknowledgment of the complaint.
If unsatisfied with the bank's response, escalate the matter to the Central Bank of Nigeria (CBN) or the Consumer Protection Council.
Consider legal action if necessary, especially in cases of significant financial loss.
It's crucial for banks to enhance their security measures and customer service protocols to prevent such incidents and ensure swift resolutions when they occur.
Note: This article is based on available reports and aims to shed light on ongoing concerns regarding banking security and customer service in Nigeria.
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