Imagine checking your bank account and discovering that ₦500,000, ₦1 million or even your entire savings has been transferred to an account you do not recognise.
For many Nigerians, the first reaction is panic. The next question is usually: “How do I get my money back?”
If money has been removed from your bank account without your authorisation, you should act immediately. The steps you take in the first few hours can be important in protecting your account, creating evidence and pursuing recovery.
This article explains what to do if money is stolen from your bank account in Nigeria, including the steps to take against the bank, the importance of reporting the transaction and the legal remedies available when the money is not recovered.
What Counts as an Unauthorised Bank Transaction?
An unauthorised transaction is a transaction carried out on your bank account without your approval or authority.
It can occur through different methods, including:
- Unauthorised bank transfers.
- ATM withdrawals you did not make.
- Unauthorised debit-card transactions.
- Mobile banking fraud.
- Internet banking fraud.
- SIM-related fraud.
- Phishing scams.
- Compromised banking credentials.
- Fraudulent transfers carried out after your phone or account has been compromised.
The circumstances surrounding the transaction are important because they determine the appropriate response and the evidence required.
What Should You Do Immediately?
If you discover an unauthorised transaction, do not wait to see whether the money will somehow return.
Take immediate action.
1. Contact Your Bank Immediately
Notify your bank as soon as you discover the transaction.
Use the bank’s official customer-service channels and clearly state that the transaction was unauthorised.
Ask the bank to:
- Block or restrict further unauthorised transactions.
- Secure the affected account.
- Flag the disputed transaction.
- Investigate the transaction.
- Take appropriate steps to trace or place restrictions on the recipient account where possible.
Obtain a complaint or reference number and keep it.
2. Change Your Banking Credentials
If you suspect that your PIN, password, token, card details or mobile-banking credentials have been compromised, change them immediately.
Where necessary, request that your card, online banking profile or other compromised access credentials be blocked or replaced.
Do not continue using credentials that you believe have been compromised.
3. Preserve Evidence
Do not delete messages or other information connected with the transaction.
Keep:
- Bank transaction alerts.
- Account statements.
- SMS messages.
- Emails.
- Screenshots.
- WhatsApp conversations.
- Phone numbers used by the fraudster.
- Account numbers to which the money was transferred.
- Transaction references.
- Dates and times of the transactions.
- Any links or messages sent by the fraudster.
This evidence can become important during the bank’s investigation or subsequent legal proceedings.
Should You Report the Fraud to the Police?
Yes, where the transaction involves suspected fraud, you should make an appropriate report to the relevant law-enforcement authority.
Depending on the circumstances, this can include reporting to the Nigeria Police Force and its relevant cybercrime units or other appropriate agencies.
The report creates an official record of the complaint and can assist in the investigation and tracing of the funds.
A police report does not, by itself, guarantee recovery of the money. Recovery requires appropriate action based on the circumstances of the transaction.
Can the Bank Reverse the Transaction?
The answer depends on the circumstances surrounding the transaction.
Where a customer genuinely did not authorise a transaction, the bank has obligations under the applicable regulatory and legal framework concerning unauthorised electronic transactions and fraud.
However, banks will investigate the circumstances before determining liability.
The bank will consider issues such as:
- How the transaction was initiated.
- Whether the customer’s credentials were used.
- Whether the transaction was authenticated.
- Whether the customer disclosed their PIN, password or OTP.
- Whether there was negligence or compromise of the customer’s credentials.
- The bank’s own security systems and procedures.
- The circumstances in which the transaction occurred.
A customer should therefore make a formal complaint and provide the relevant evidence rather than simply assuming that the bank will automatically reverse every disputed transaction.
What If You Received an OTP but Did Not Authorise the Transaction?
Receiving an OTP does not automatically establish that you authorised a transaction.
The circumstances surrounding the OTP and how the transaction was initiated must be investigated.
For example, fraudsters may obtain access to a customer’s device, SIM card or other credentials through social engineering, phishing or other fraudulent methods.
The bank should therefore investigate the complete circumstances rather than treating the existence of an OTP as the end of the matter.
What If You Were Tricked Into Giving the Fraudster Your OTP?
This can make the situation more complicated.
If a customer voluntarily discloses an OTP or other security credential to a fraudster, the bank will consider that fact when determining liability.
However, the customer’s disclosure does not necessarily answer every legal question surrounding the transaction.
The circumstances in which the information was obtained, the bank’s security measures and the nature of the fraud must all be considered.
You should therefore report the transaction immediately even if you inadvertently disclosed information to the fraudster.
What If the Money Was Transferred to Another Nigerian Bank?
This is one of the most important situations in which speed matters.
If the money was transferred to an account in another Nigerian bank, notify your bank immediately and provide the recipient’s account details and transaction reference.
The banks involved can take appropriate steps within the applicable banking and regulatory framework to investigate the transaction and, where possible, restrict further movement of the funds.
The longer the fraudster has access to the money, the greater the risk that the funds will be transferred through additional accounts or withdrawn.
What If the Fraudster Has Already Withdrawn the Money?
Recovery becomes more difficult once the funds have been withdrawn or transferred elsewhere, but that does not mean that you should abandon the matter.
You should:
- Report the transaction to your bank.
- Make a formal complaint.
- Report the matter to the appropriate law-enforcement authority.
- Preserve all evidence.
- Identify the recipient account and transaction trail.
- Obtain legal advice where necessary.
- Consider appropriate legal proceedings for recovery.
The possibility of recovery depends on the circumstances and the evidence available.
Can You Sue the Person Who Received the Money?
Where the identity and location of the recipient are established and there is a proper legal basis for doing so, civil proceedings can be considered.
The appropriate claim depends on the facts of the case.
The objective may include obtaining orders that facilitate recovery of the money or prevent further dissipation of identifiable assets.
Where the recipient’s identity is initially unknown, the legal strategy must take account of the available information and the appropriate procedure for identifying the relevant parties.
Can You Sue the Bank?
A customer can bring a claim against a bank where the facts and applicable law establish a legally actionable breach.
However, not every unauthorised transaction automatically means that the bank is liable.
The circumstances of the transaction must be investigated, including the security measures used, the manner in which the transaction was authenticated and the conduct of the parties.
A proper legal assessment should therefore precede litigation against the bank.
What If the Bank Rejects Your Complaint?
Do not simply stop after receiving a rejection.
Request the bank’s response in writing and retain all correspondence.
You should examine:
- The reason given for rejecting the complaint.
- The transaction records.
- The evidence supplied by the bank.
- The circumstances of the transaction.
- The applicable banking regulations.
- The appropriate escalation or dispute-resolution mechanism.
Where the complaint remains unresolved, further regulatory or legal steps can be considered.
Can You Recover Money Lost to an Online Scam?
Yes, recovery is legally possible in appropriate circumstances, but it is not automatic.
The possibility of recovery depends on factors such as:
- How the money was transferred.
- How quickly the fraud was reported.
- Whether the funds remain identifiable.
- Whether the recipient account can be identified.
- Whether the recipient can be traced.
- Whether sufficient evidence exists.
- Whether appropriate legal proceedings are commenced.
This is why immediate action is critical.
What Evidence Should You Give Your Lawyer?
If you need legal assistance, provide as much information as possible.
This should include:
- Your bank statement.
- Transaction alerts.
- Transaction references.
- Recipient account details.
- Dates and times of transactions.
- Your complaint to the bank.
- The bank’s response.
- Police or other law-enforcement reports.
- Communications with the suspected fraudster.
- Screenshots and other electronic evidence.
Do not edit or manipulate evidence before providing it to your lawyer.
What Should You Not Do After Discovering the Fraud?
There are several things you should avoid.
Do not delay reporting the transaction
Time can be critical in tracing and restricting funds.
Do not delete evidence
Messages, transaction alerts and other records can become important evidence.
Do not threaten the suspected fraudster
Threats can complicate the situation and do not constitute a lawful recovery strategy.
Do not attempt to recover the money through self-help
Use the appropriate banking, regulatory, law-enforcement and legal channels.
Do not assume that nothing can be done
Even where the bank initially rejects a complaint, the circumstances should be properly examined before concluding that recovery is impossible.
How Long Should You Wait Before Consulting a Lawyer?
You should not wait until every administrative complaint has failed before seeking legal advice.
Where a substantial amount of money is involved, early legal advice can help determine:
- What evidence should be preserved.
- What complaints should be made.
- Which parties may be liable.
- Whether urgent court orders are appropriate.
- Whether recovery proceedings should be commenced.
- What regulatory or law-enforcement steps should be taken.
Early intervention can be particularly important where there is a risk that the funds will be moved or dissipated.
How Lexforte Attorneys Can Help
Lexforte Attorneys advises and represents individuals and businesses dealing with financial fraud, banking disputes and recovery of unlawfully transferred funds.
Our services include:
- Banking and financial disputes.
- Recovery of funds lost through fraud.
- Disputes involving unauthorised bank transactions.
- Legal correspondence with financial institutions.
- Debt and money recovery.
- Civil litigation.
- Applications for urgent court orders.
- Representation in recovery proceedings.
If money has been removed from your account without your authority, we can assess the circumstances and advise you on the appropriate legal and recovery options.
Conclusion
If money is stolen from your bank account in Nigeria, act immediately.
Contact your bank, secure your account, preserve the evidence and make the appropriate report. If the bank does not resolve the matter, obtain legal advice and consider the appropriate regulatory or legal remedies.
The fact that money has already left your account does not automatically mean that recovery is impossible. The speed of your response, the available evidence and the circumstances of the transaction can significantly affect the recovery process.
If you have lost money through an unauthorised bank transaction or financial fraud, contact Lexforte Attorneys for legal advice on recovery and your available remedies.