Thread by @OionOiOi

WHY BANKS WILL NOT HELP YOU RECOVER YOUR STOLEN FUNDS:

**A LONG THREAD**

In several months past,there have been numerous reports of fraudulent transactions on clients' accounts via E-channels.

Here are a few of the reasons why banks are "hesitant to assist."

#Bank #Nigeria

1. INDEMNITY: When you want an E-banking Solution (ATM, Mobile/Internet Banking, etc.), you must fill out and sign an Indemnity Form. Simply put, you are accepting culpability for fraudulent transactions that occur on your account through such e-channels and absolving the bank,

of any legal repercussions.

Now, if the bank discovers that the fraud was due to your negligence, "OYO" is your name.

2. RESOURCE CONSTRAINTS: Even if the bank decides to assist with the investigation, manpower and time are not luxury "things" that can be spared.

Most of the time, your bank's Legal, Compliance, Ebanking, and Operations Departments are involved, exchanging emails with the bank where the fraudulent proceeds were deposited.

It becomes more problematic if third-party merchants (Fintechs) are involved and the merchant banks with a different bank.

You can see why customers come to the bank to scream and strip nude in the banking hall after 3 months of their issue not being resolved, abi?

3. NIL CHARGEBACK: You may be asked to fill out a charge-bank form in order for the monies to be returned to you from the fraudulent party. You are relieved to learn that your cash will be repaid. COOL DOWN, It's not as easy as it appears.

Your charge-back will only be successful if the account is adequately funded at the time the request reaches the bank's processing desk. Even if the sum is less than N1, it will be considered "insufficient" and returned unpaid.

Now, there may be sufficient funds, but the account may be on a PND(POST NO DEBIT),& it may be returned as unpaid for reasons unrelated to your issue.

It gets worse if the PND is sought by a court. It indicates that your payments will not be refunded until the matter is resolved

WHAT IF THE FRAUD WASN'T FROM MY END, BUT FROM THE BANK'S?

Phew!!!! This is a scenario that we all hope for. If this is the case, simply file a formal complaint, return home, sip your coffee or "zobo," & wait for your refund.

The bank will investigate & most likely, fire anyone involved, including the control officer in charge of that branch. Debit the Branch's Fraud Sub-head ledger and voila, your refund should arrive within 30 days.

HOW TO SAFEGUARD YOUR EBANKING DETAILS
1.Avoid using your ATM cards at POS points, Always use Transfer Option
2. Avoid Sending friends and friends to Pay points with your ATM Card and PIN
3. Avoid Using your ATM cards on Websites, always use the Transfer option if available.

4. Update your Banking Details as you change or abandoned your SIM card
5. Avoid getting ATM cards of your Business Accounts

6. Always remove your SIM card before you take your Mobile Phone for Repairs

THE END.

#fraud #fintech #Banking #management #strategy #data #analysis #Ebanking #Mastercard #VISA #startup #fintech #business #SME #data #customers #legal #compliance #helpdesk