CBN Tightens Fraud Reporting Rules: 72-Hour Window for Customers
Nigeria’s financial sector is grappling with a surge in fraudulent activities. Recent data from the Financial Institutions Training Centre (FITC) reveals a concerning trend: fraud losses have skyrocketed by 603% in the first quarter of 2025, with a staggering 12,347 cases reported. In response, the Central Bank of Nigeria (CBN), under Governor Olayemi Cardoso, is implementing stricter compliance rules designed to combat this growing menace and protect customers. This move reflects a critical shift towards increased accountability and faster resolution of fraud cases within the Nigerian financial ecosystem.
New Guidelines: Speeding Up Fraud Response
The CBN’s new guidelines introduce significant changes to the fraud reporting and resolution process. A key provision is the establishment of a 72-hour window for customers to report fraudulent transfers. Banks are now mandated to respond within 24 hours of a customer flagging a suspicious transaction, immediately freezing any funds that can be traced. Furthermore, financial operators are given a fixed 16-working-day cycle to investigate reported cases and issue refunds to affected customers. This framework addresses the often-complex nature of fraudulent transactions, which frequently involve multiple institutions. In such cases, the originating bank is required to alert other involved institutions within 30 minutes, ensuring a coordinated and timely investigation across the network. The goal is to streamline the recovery process and minimize the impact of financial crimes on Nigerian citizens and businesses.
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