Hold your bank responsible, NCC tells financial cybercrimes victims

Na'ankwat Dariem, Abuja.


The Nigerian Communications Commission (NCC) has advised victims of financial cybercrimes to hold their banks responsible for their monies as they are the custodians of their monies.

The Director, Consumer Affairs Bureau, NCC, Mrs. Felicia Onwuegbuchulam, disclosed this in Lafia, the Nassarawa state capital, North Central Nigeria, during the 107th edition of the Consumer Outreach Programme (COP) of the Commission.

In an interview with Journalists she said, the banks have been mandated to handle financial cybercrimes as they are the custodians of the people’s money. This was an agreement reached by all the stakeholders in a meeting held earlier this year.

“Early this year we had a meeting in Abuja where the operators, the banks, security agencies and the Central Bank were present and we talked about this issue; what I want to tell people is that when you suffer any financial loss (cybercrime), go to your bank.

“As that was one of the outcomes of the meeting that day. Go to your bank and report.

“The banks have been mandated because they are the custodians of people’s money. They have a responsibility to protect the people’s money under their custody.

“If you lose your money, go to your bank and if they are unable to answer you, report to CBN and you can as well report to NCC.

“We will take on the operator and CBN will take on the respective bank. The truth of the matter is that no one is expected to lose his or her money to cybercrime.

According to Onwuegbuchulam, the decision was taken as a result of consumers’ complaints and frustrations. Hence, the Commission saw the need to educate them on who to hold responsible for their online financial losses.

“As it is now, people complain to us that their monies vanished from their accounts and when they go to their service providers,  they will be told, ‘I don’t have your money why do you come to me?’

“Then they go to their banks and the banks will say, it is the service providers that provided the platform”

“So what we and the service providers are doing is that we are collaborating on educating the consumers.”

Amaka E. Nliam