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