The CBN Says Nigerians Have 72 Hours to Report Suspicious Transfers
The new CBN fraud rules introduce a simple but important message: report suspicious transfers immediately. In Nigeria today, most people depend on mobile apps , instant bank transfers, and online payments for daily transactions. From paying for food to buying data or settling bills, digital banking has become the standard. But with this convenience has come a rising concern: fraud. On November 26, the Central Bank released draft guidelines for handling Authorised Push Payment (APP) fraud. This sets out to provide stronger preventive measures against fraud. “When finalised, the Guidelines would mandate all financial institutions to institute preventive measures as well as modalities for mitigating and managing APP fraud,” a circular signed by Rita Sike, director, Financial Policy and Regulation Department, read. "Any customer who is a victim of APP fraud is expected to, within 24 hours of the occurrence, report the incident to their ...